SP Angel – Today’s Market View, Wednesday 3rd June 2026

Copper continues to build support just below $14,000/t

MiFID II exempt information – see disclaimer below

EQ Resources (EQR AU) – Plant expansion approved amid strong concentrate prices

Landore Resources* (LND LN) – AGM statement focusses on the BAM gold project

Serval Resources*  (SRVL LN) – Geological mapping in Namibia confirms shallow copper potential

Shuka Minerals (SKA LN) – Kabwe’s 2^nd drillhole intersects mineralisation over 67.5m including a wide footwall zone

Copper (US$13,899/t) – prices continue build support just below $14,000/t

• A further 1,700t of copper was withdrawn from LME warehouses reducing the total to 382550t.
• US investors continue to await new tariffs on copper into the US effectively unbalancing the market with a disproportionate tonnage of copper sitting in the US.
• Sulphur supply issues are expected to start impacting copper production through the second half with 40-50% of global sulphur trade normally shipped through the Strait of Hormuz.

Gold (US$4,452/oz) – The Reserve Bank of India may have sold gold to support the renminbi on the closure of the Strait of Hormuz

• The RBI has likely sold $12bn of gold adding ~$7.5bn to its foreign currency assets according to Bloomberg Economics.
• The Reserve Bank of India later commented that it has not sold any gold from its reserves.
• Some other central banks in the region may have followed as nation states prepared for potential shortages of fuel, oil and gas.
• The ECB has confirmed that gold is now its most valuable asset ahead of its US Treasury holdings with gold representing 27% of ECB reserves at end 2025.
• US dollar denominated assets account for 42% of global reserves.
• Central Bank gold buying fell 21% yoy last year to 863t but remains well above historical averages as central banks continue to de-dollarise their reserves.
• Gold acts as a default currency which investors and central banks buy when they can’t find anything better they can agree to hold and will likely remain high till the next big idea comes along for asset diversification.
• Central bank gold buying hit a new high at 1,136t in 2022 though some profit taking has followed the run up in prices.
• So far central banks have resisted much investment into crypto currencies though strategic Bitcoin reserves are being discussed. We note the IRGC in Iran has been charging tolls in Cryptocurrency for the Strait of Hormuz.
• On fear is that cryptocurrency may be more easily stolen, traced and even frozen using faster quantum computers.

Silver (US$74.1/oz ) prices pull back as investors take profits in silver ETFs

• Investors are locking in profits following the recent rally in prices and reducing their exposure to the metals liquidity.
• Funds will be flowing into the new SpaceX IPO which is due around 12^th June.
• Inflation fears continue to indicate a potential for a hawkish Fed stance keeping real rates high.
• A structural supply / demand deficit remains in the silver market with solar panel manufacturing driving new demand in recent years.
• Silver in photovoltaics are forecast to account for ~151moz out of total industrial demand of 640moz according to the Silver Institute.
• Higher oil prices are driving strong demand for solar panels with the UK expected to see a 50% rise in capacity this year.
• China was expected to see solar demand level out this year due to changing incentives though we now expect more solar to be manufactured and installed in reaction to the Iranian situation.
• We see ongoing strong demand for rooftop solar across the western world encouraged by new incentives and higher local energy prices.

Gunvor – Geneva office raided by Swiss Prosecutor on bribery allegations

• The raid occurred after Gunvor informed the Swiss authorities that it has been hit by a $2mn fraud allegedly.
• The firm was called “the Kremlin’s puppet” by the US Treasury department last year after the US stopped Gunvor from acquiring Lukoil’s international oil assets.
• Gunvor was previously convicted for acts of corruption in 2019 with Gunvor later banning the use of third-party agents.

SpaceX is expected to raise $75bn at $135 a share aiming for a $1.75tn valuation.

• The Company is considering to allocate as much as 30% of the raise to retail investors, an unusually large share tapping into a pool of capital driven by strong Musk following.

USA Rare Earths (USAR US Mkt Cap $6.9bn) will invest $1.2bn to build a magnet manufacturing and rare earth metals facility in South Carolina, US.

• The facility is expected to produce 6.4ktpa of NdFeB magnets and 5.0ktpa of rare earth metals and alloys.
• Commissioning targeted to start in 2028.

Guinea iron ore exports climb as Simandou operation ramps up.

• Exports hit 2.2mt in May, up on record 1.3mtpa reported in April and just 0.6mt or less in each of the first three months of the year.
• The operation is expected to deliver 120mtpa at full capacity.

Coal mine gas explosion in China: https://www.itv.com/news/2026-05-23/at-least-82-killed-in-coal-mine-gas-explosion-in-china-local-media-reports

Guardian Metal Resources – Tungsten & Pilot Mountain mine : https://invest.investorshub.com/innovationreport/

Currencies

US$1.1611/eur vs 1.1648/eur previous. Yen 159.72/$ vs 159.72/$. SAr 16.303/$ vs 16.220/$. $1.345/gbp vs $1.347/gbp. 0.716/aud vs 0.718/aud. CNY 6.774/$ vs 6.763/$.

Dollar Index 99.34 vs 99.10 previous. 

Economics

US – Central Command forces intercepted “several” ballistic missiles and drones launched at Bahrain and Kuwait.

• US military also conducted strikes on Qeshm Island in the Strait of Hormuz in response.
• Centcom said that ballistic missiles had “failed to hit their intended targets”.
• Brent is up >2% and trading at over $98/bbl on the news.
• S&P futures are off only slightly (-0.1%) following a nine day rally driven by the AI trade.
• Earlier on Monday Iranian state affiliated media said that Tehran was suspending back-channel negotiations with the US following Israeli bombardment of Lebanon.
• US President said both sides remain in dialogue.

The US is proposing new tariffs of at least 10% on imports from 60 countries.

• Charges will relate to how trading trade partners handle goods allegedly produced by forced labour.
• The news follows the decision by the US Supreme Court to rule down Trump’s tariffs.
• A 10% rate will be applied to imports from Canada, Mexico, the EU, Taiwan and the UK, among other countries.
• Products from other major economies, including China, India, Japan, South Korea, Brazil and Switzerland, would be subject to a 12.5% levy.

China – Private business PMI measures show a pick up in growth in May.

• RatingDow Services PMI (May / Apr / Est): 54.4 / 52.6 / 52.3
• RatingDow Composite PMI (May / Apr / Est): 54.0 / 53.1 / NA

Eurozone – Factory gate prices came in at 4.9%yoy in April, double 2.0% recorded the previous month.

• Stronger inflation have been driving rising risks of a stagflation in the region.
• Higher inflation expectations have been seeing odds of a rate hike as early as this month climbing.
• The market currently prices in a hike in June and up to three hikes before YE.
• PPI (%mom, Apr / Mar / Est): 0.6 / 3.4 / 0.6
• PPI (%yoy, Apr / Mar / Est): 4.9 / 2.0 (revised from 2.1) / 4.9

Precious metals:

Gold US$4,452/oz vs US$4,534/oz previous

Gold ETFs 98.3moz vs 98.3moz previous

Platinum US$1,920/oz vs US$1,972/oz previous

Palladium US$1,356/oz vs US$1,394/oz previous

Silver US$74.1/oz vs US$76.7/oz previous

Silver ETFs 791.2moz vs 790.9moz previous

Rhodium US$8,400/oz vs US$8,650/oz previous

Base metals:   

Copper US$13,899/t vs US$13,951/t previous

Aluminium US$3,729/t vs US$3,780/t previous

Nickel US$19,080/t vs US$19,325/t previous

Zinc US$3,633/t vs US$3,622/t previous

Lead US$2,035/t vs US$2,022/t previous

Tin US$57,525/t vs US$58,305/t previous

Energy:

Oil US$98.0/bbl vs US$94.1/bbl previous

• Crude oil prices moved higher after the US and Iran traded military strikes, with the API estimating US inventory w/w draws of 6.8mb to crude oil (-3.6mb exp) and 0.2mb to distillates, partially offset by a 3.5mb build to gasoline stocks.
• European energy prices also edged lower on positive market sentiment as France’s average nuclear generation fell 5% w/w to 63% of the country’s 61.4GW maximum capacity.
• Media reports the ending of recent talks between BP and Ithaca regarding a £2bn sale of the former’s UK upstream business that produces over 100kboe/d, which follows similar talks last year with EnQuest.

Natural Gas €49.3/MWh vs €48.3/MWh previous

Uranium Futures $85.9/lb vs $86.3/lb previous

Bulk:   

Iron Ore 62% Fe Spot (Singapore) US$103.7/t vs US$105.4/t

Chinese steel rebar 25mm US$491.7/t vs US$492.7/t

HCC FOB Australia US$243.5/t vs US$245.0/t

Thermal coal swap Australia FOB US$137.8/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$103,418/t vs US$102,401/t

Lithium carbonate 99% (China) US$24,876/t vs US$25,212/t

China Spodumene Li2O 6%min CIF US$2,570/t vs US$2,570/t

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

China Tungsten APT 88.5% FOB US$1,705/mtu vs US$1,705/mtu

China Tantalum Concentrate 30% CIF US$233/lb vs US$233/mtu

China Graphite Flake -194 FOB US$415/t vs US$415/t

Europe Vanadium Pentoxide 98% US$6.0/lb vs US$6.0/lb

Europe Ferro-Vanadium 80% US$27.5/kg vs US$27.5/kg

China Ilmenite Concentrate TiO2 US$240/t vs US$240/t

US Titanium Dioxide TiO2 >98% US$2,809/t vs US$2,809/t

China Rutile Concentrate 95% TiO2 US$1,159/t vs US$1,161/t

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

Brazil Potash CFR Granular Spot US$405.0/t vs US$405.0/t

Germanium China 99.99% US$4,025.0/kg vs US$4,025.0/kg

China Gallium 99.99% US$400.0/kg vs US$400.0/kg

Europe Molybdenum Oxide 57% US$31.0/lb vs US$30.5/lb

EV & Battery news:

Tesla sales in China at 2026 high, but domestic automakers still on top

• Tesla’s Shanghai Gigafactory delivered 85,982 Model 3 and Model Y vehicles in May, up 39.4% yoy and 8.2% from April, marking the company’s strongest monthly performance in China so far in 2026.
• The rebound was supported by stronger EV demand and Tesla’s new financing incentives, including a roughly 30% reduction in the required down payment for buyers using its five-year loan programme.
• Tesla said it plans to further lower barriers to vehicle ownership through additional purchase incentives and charging benefits as it seeks to expand its customer base in China.
• Despite the sales surge, Tesla faces growing pressure from Chinese automakers, which are rapidly launching new EV models and increasingly competing on technology rather than just price.
• Domestic rivals, particularly BYD, are strengthening their positions through advanced driver-assistance features and smart-driving technologies, areas where Tesla is still awaiting key regulatory approvals in China.

Tata Motors to license EV technology from Chery Auto

• India’s Tata Motors has plans to license an automaking platform from China’s Chery Auto, four people familiar with the matter told Reuters.
• Tata, India’s ​biggest electric ​carmaker, ​will use ‌Chery’s platform to locally build EVs under its premium Avinya brand with plans for at ‌least two ​cars, the first ​of ​which will ‌be launched in 2027.
• Neither company has commented on the situation yet.

Company news:

EQ Resources (EQR AU) A$0.24, Mkt Cap A$1.2bn – Plant expansion approved amid strong concentrate prices

• The Company approved Mt Carbine Expansion Project for its tungsten operations in Far North Queensland.
• A$39m capex to increase the crushing capacity (the current bottleneck) from ~1mtpa to ~2mtpa.
• Project completion targeted for March 2027.
• The expansion expected to initially add extra 500tpa WO3 (50kmtu) from processing of low grade stockpile.
• Expanded plant is expected than accommodate further additional material from Mt Carbine resource conversion, Wolfram Camp and other regional sources.
• The project to be funded internally from current and future cash flows.

Landore Resources* (LND LN) 1.85p, Mkt Cap £7.0m – AGM statement focusses on the BAM gold project

• Landore Resources reports a 2025 loss of £2.8m (2024 loss £2.5m) and a closing cash balance of £0.9m.
• Commenting on the results Chairman, Helen Green, said that the completion of ~3,500m of drilling “reinforced our confidence in both the scale and continuity of mineralisation” at the BAM gold project in northwestern Ontario.
• The drilling has shown “encouraging indications of higher-grade zones and potential strike extensions” at the project.
• In addition to the drilling and resource definition work, Landore Resources has progressed “key technical studies … including metallurgical refinement, geotechnical assessment and improved structural interpretation … [which] … will play an important role in shaping the next phase of development for BAM, including optimisation of pit design, assessment of potential underground opportunities and future economic evaluation”.
• Although the BAM project remains the focus, in “the wider Junior Lake property, the Group continued to refine its geological models and evaluate the broader potential of the greenstone belt”.
• CEO, Alexander Shaw, explained that the drilling results from the BAM project “are being incorporated into the updated Mineral Resource Estimate (“MRE”), which is expected to enhance both the confidence and scale of the mineral inventory”.
• He confirmed plans to advance “the BAM Gold Project and Junior Lake as a whole, through a staged work programme, including Infill sampling, follow-up drilling, metallurgical optimisation, and the refinement of development scenarios”.
• Mr. Shaw also commented on “corporate initiatives aimed at realising value from non-core assets within the wider Junior Lake Property and other holdings … including potential partnerships, earn-ins, disposals, or other forms of value crystallisation”.

Conclusion: Landore is progressing the BAM gold project with an update to mineral resources, metallurgical testing and optimisation and evaluation of mining development routes.

*SP Angel as Nomad and Broker to Landore

Serval Resources*  (SRVL LN) 27p, Mkt Cap £8.8m – Geological mapping in Namibia confirms shallow copper potential

CLICK FOR PDF

• Serval Resources reports that geological mapping of its licences in the Kaoko Basin, Namibia has confirmed the “potential for copper-silver mineralisation from surface”.
• Mapping of around 20km² in licence EPL 7081 “confirmed visual identification of copper mineralisation associated with the Nosib/Otavi contact at the Horseshoe prospect … within the Omivero Shale and along the contact with the Lower Omao unit”.
• “Visible mineralisation was also confirmed at the Lower and Upper Omao contact at Omatapati, with surface expressions extending further southeast of Omatapati”.
• The mapping has helped define the contact between the Lower and Upper Omao formations which will be followed up with more “detailed geological mapping, geophysical surveys, and soil sampling”.
• It also highlights an “opportunity to extend the Omatapati prospect in a south easterly direction”.
• Mapping over 25km² on a second licence, EPL 7079, located further north “successfully identified favourable geology for copper mineralisation … including the Nosib Group / Omivero siltstone-shale contact in the northern and middle focus areas, and the Lower to Upper Omao contact in the southern focus area”.
• The company explains that while it observed visible copper mineralisation “along the Lower-Upper Omao contact … [in Licence 7079, the] … northern and middle areas are largely obscured by quaternary cover, meaning follow-up geophysical surveys and soil geochemistry will be required to better define drill targets”.

Conclusion: Initial geological mapping in Namibia confirms a favourable geological setting and visible outcropping copper mineralisation. Additional mapping as well as geophysical and geochemical exploration will assist in defining future drilling targets.

*SP Angel acts as Nomad and Broker to Serval

Shuka Minerals (SKA LN) 3p, Mkt Cap £3.6m – Kabwe’s 2^nd drillhole intersects mineralisation over 67.5m including a wide footwall zone

• Shuka Minerals has completed a second drillhole intersecting the No.2 orebody at the former Anglo American Kabwe zinc mine in central Zambia.
• Portable XRF (pXRF) results show an average of 9.79% zinc over 15.5m from a depth of 251.2m in hole KBDD-02 which “was designed to intersect the ore body below the current workings and previous KBDD01 hole at a depth of approximately 300 metres” which intersected the orebody at a depth of “approximately 220-230 metres”.
• Today’s announcement also reports “disseminated footwall mineralisation … [over] … 52.0m … [at an average grade of] … 1.06% zinc based on 156 pXRF readings”.
• The footwall mineralisation “included lenses of mineralisation at around 276m averaging 3.5% zinc and a spot peak value of 18.39% zinc at 285.33m”.
• “The entire 67.50m interval from the top of the main orebody to the end of the hole (251.20m to 318.70m) averages 3.08% zinc”.
• Mineralisation in the No. 2 orebody “is typically associated with a weakly brecciated to semi-massive haematitic ironstone mixed with mostly zinc silicate (probably willemite) and lesser zinc carbonate minerals. The footwall comprises moderately jointed and fractured massive dolomite with hematite stringers and fracture-coatings that are believed to be the main hosts to zinc mineralisation”.
• Commenting on the drilling results so far CEO, Richard Lloyd, said that “we are learning more and more about the orebody. It is also encouraging to have a much wider orebody than first envisaged – 67m of mineralisation into the host dolomite is very pleasing”.
• The third hole of the programme is underway aiming “to intersect the orebody in a laterally extended zone”.
• In a separate announcement today, the company reports that it has raised £150,000 via a subscription from an “African based mining investor” for 3.75m additional shares at a price of 4p/share.
• “The Subscription is on the same terms as the placing announced on 13 January 2026 and therefore the Company has also issued 3,750,000 warrants, exercisable at 8 pence per new ordinary share and valid for three years from the date of Admission”.
• We estimate that the new shares represent ~3% of the enlarged company.

Conclusion: Recent drilling at Kabwe extends depth continuity of mineralisation beneath the historic mine workings

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

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

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.

If anyone reads this article found it useful, helpful? Then please subscribe www.share-talk.com or follow SHARE TALK on our Twitter page for future updates. Terms of Website Use All information is provided on an as-is basis. Where we allow Bloggers to publish articles on our platform please note these are not our opinions or views and we have no affiliation with the companies mentioned

---