SP Angel – Today’s Market View, Wednesday 5th August 2026

Copper prices rise as Chinese warehouse stocks fall and uncertainty builds over key copper output

MiFID II exempt information – see disclaimer below

Asiamet (ARS LN) – KSK copper project sale long stop date extended to 7 September

Central Asia Metals* (CAML LN) – Mineral Resource and Ore Reserve update for Kounrad and Sasa

Cornish Metals* (TIN LN) – Bonds start trading today

Ferrexpo (FXPO LN) SUSPENDED – Iron ore production suspended amid working capital issues

FireFly Metals (FFM CN) – Green Bay drilling results ahead of PEA due later this month

ECR Minerals (ECR LN) – Progress at the Maddens gold project. Queensland

Glencore (GLEN LN) – H1 shows material increase in earnings on higher metals prices and substantially better trading environment

Ionic Rare Earths (AXR AU) – A$8m raise to advance magnet recycling business

Li-FT Power (LIFT CN) – C$20m raise covering Renard costs

New Frontier Minerals* (NFM LN) – Bedrock conductor defined within Harts Range heavy rare earths prospect

Orosur Mining* (OMI LN) – Drilling results from Pepas West, Colombia

Strategic Minerals* (SML LN) – Redmoor receives final clearance for expansion of the drilling fleet

White Cliff Minerals (WCN AU) – Drilling results from Nunavut

Copper ($14,059/t) – prices rise as Chinese warehouse stocks fall and uncertainty builds over key copper output

• Copper stocks rise to record levels on Comex (715kt) with LME (232tk) and SHFE (69.3kt) stocks due to potential for further US tariffs

Codelco halts expansion at El Teniente on new seismic risk

• Codelco has suspended its Andes Norte expansion at El Teniente, its biggest copper mine in Chile, after monitoring identified new seismic activity.
• Output is expected to hold around 300ktpa, down from 356kt in 2024.

Sulphur hits $950/t as export bans spread

• Kuwait’s July sulphur price hit $950/t, nearly double the 2022 record, from $80-90/t in March. (IntelliNews)
• The Gulf supplies around 44% of world sulphur, with Kazakhstan, Russia and China all restricting exports.
• The IEA says over 15% of world copper output is produced by acid leaching. (IEA)

Freeport spends $1.4bn on Kucing Liar, Grasberg’s next mine

• Freeport has spent around $1.4bn to end-June on Kucing Liar, with another $4bn planned to 2033. (Bloomberg Technoz)
• A 2025 study lifted the design to 130,000t of ore a day, with reserves now 3.6mt of copper and 8moz of gold.
• The mine ramps up from around 2030, replacing DMLZ, one of Grasberg’s old underground mines.

Zambia’s miners look to next week’s election for copper expansion support

• Over 8 million Zambians vote on 13 August, with the industry targeting 3mtpa of copper, nearly triple current levels. (Reuters)
• Mining accounts for 72% of exports, and reforms have drawn over $10bn of investment since 2021.
• Analysts expect President Hichilema to win, which would likely keep policy steady for investors.

Panama looking to create a state-owned miner to partner with First Quantum’s Cobre Panama mine which was forced to close in 2023.

Nickel ($17,095/t) – Indonesian nickel bearing ore imports jump 65% in H1 from Philippines

• Indonesia imported 8.57mt of nickel ore from the Philippines in H1, up 65%yoy. (Bloomberg Technoz)
• The world’s largest producer cut its own mining quotas to around 250-260Mt this year, from 320Mt.
• Most cargoes land in North Maluku, with industry body FINI expecting 20-25Mt for the full year.
• Think tank Indef says the extra ore offsets the quota cut, so prices get less impact.

Currencies

US$1.1545/eur vs 1.1508/eur previous. Yen 157.66/$ vs 157.68/$. SAr 16.344/$ vs 16.499/$. $1.347/gbp vs $1.343/gbp. 0.705/aud vs 0.702/aud. CNY 6.749/$ vs 6.753/$.

Dollar Index 99.78 vs 100.03 previous.

Economics

US – The administration paid out ~US$100bn in tariff refunds since the US Supreme Court ruled down President Trump import tariffs in February.

• The amount represents ~$60% of the US$165bn collected from the president’s “liberation day” tariffs.
• Collapse of leveraged Situational Awareness Fund led banks to liquidate its portfolio.
• Theory is that last week’s fall in US equity indices may have been part of an operation to establish a discount to book value to allow the Citadel Fund to relieve the banks of the Situational Awareness Fund portfolio.
• US LMI logistics manager index 68.9 in July vs 71.1 in June
• RCM/TIPP economic optimism index 45.1 for August vs 45.5 in July

China – Official Chinese nonmanufacturing PMI index 49.2 in July vs 50.2 in June

• General PMI 49.6 in July vs 50.6 in June

South Korea – Inflation 2.8% in July vs 3.4% in June

Drought and their impact on nuclear power generation

• Around 14% of the world’s nuclear power reactors use river water for cooling, eg ~60 out of ~440 global nuclear reactors.
• France: ~15 nuclear sites accounting for ~45GW of nuclear power capacity sit on inland river sites.
• Warm river water reduces cooling efficiency with power generation cut to protect river ecosystems.
• The impact of the drought along with high temperatures raising demand for air-conditioning is tough.
• While France slows in the summer due to holidays, if the drought continues we would expect this to have a negative impact on French GDP.

Manufacturing PMI

 Ukraine – 7 killed in Kyiv and 44 injured following an overnight bombardment.

• 24 ballistic missiles, four anti-ship missiles and 115 drones hit the capital.
• 98 drones were shot down while none of the missiles were intercepted.
• The data highlights a shortage of Patriot interceptor systems.

Precious metals:

Gold US$4,177/oz vs US$4,065/oz previous

Gold ETFs 96.7moz vs 96.7moz previous

Platinum US$1,783/oz vs US$1,657/oz previous

Palladium US$1,390/oz vs US$1,287/oz previous

Silver US$61.8/oz vs US$59.0/oz previous

Silver ETFs 787.7moz vs 787.5moz previous

Rhodium US$8,375/oz vs US$8,250/oz previous

Base metals:

Copper US$14,059/t vs US$13,964/t previous

Aluminium US$3,227/t vs US$3,256/t previous

Nickel US$17,095/t vs US$17,320/t previous

Zinc US$3,699/t vs US$3,670/t previous

Lead US$1,902/t vs US$1,885/t previous

Tin US$56,325/t vs US$55,750/t previous

Energy:

Oil US$79.2/bbl vs US$84.6/bbl previous

• Crude oil prices fell towards $80/bbl on renewed confidence that a deal to reopen the Strait of Hormuz would be reached, with ongoing efforts to prevent any escalation in Houthi attacks.
• The API estimated an unexpected US inventory w/w build of 2.7mb to crude oil (-2mb expected) offset by an SPR draw of 2.9mb, with gasoline stocks up 0.2mb and distillates down 1.2mb in another mixed week for inventories.
• European energy prices dropped in line with oil prices, as France’s average nuclear generation fell 8% w/w to 63% of the country’s 61.4GW maximum capacity after drought conditions reduced water flows in the Meuse and Moselle rivers to force the shutdown of three further nuclear reactors and the reduction of output at four other reactors.

Natural Gas €55.6/MWh vs €58.5/MWh previous

Uranium Futures $86.2/lb vs $86.3/lb previous

Bulk:

Iron Ore 62% Fe Spot (Singapore) US$94.4/t vs US$93.9/t

Chinese steel rebar 25mm US$466.5/t vs US$466.8/t

HCC FOB Australia US$212.5/t vs US$212.0/t

Thermal coal swap Australia FOB US$131.8/t vs US$135.8/t

Other:  

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

NdPr Rare Earth Oxide (China) US$110,459/t vs US$110,772/t

Lithium Carbonate 99% (China) US$20,225/t vs US$20,214/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$3,125/mtu vs US$3,125/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$26.4/kg vs US$26.4/kg

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

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

China Rutile Concentrate 95% TiO2 US$1,163/t vs US$1,163/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$33.0/lb vs US$32.5/lb

EV & Battery news:

World’s first sodium-ion electric mining truck delivered in China

• Hina Battery and Tonly Heavy Industry have delivered the world’s first pure-electric mining truck powered by sodium-ion batteries to the Tangshan Sanyou mine.
• The truck is built on Tonly’s existing TLE120 platform, which carries a rated payload of 75 tonnes.
• The truck uses Hina’s “Haixing” sodium-ion battery system, with a total capacity of 676kWh and cell energy density of 165Wh/kg, designed for short-distance, heavy-load transport within mining operations.
• The battery supports fast charging from 0-100% in 20-25 minutes and maintains over 8,000 charge cycles, a lifespan Hina says closely matches the truck’s overall service life.
• Sodium-ion cells show far less capacity decay in low temperatures than lithium-ion, making the truck better suited to northern open-pit mines in winter and addressing the range-drop issue lithium-powered electric trucks face in the cold.
• The sodium-ion version’s 676kWh capacity is significantly less than that of 801kWh of Tonly’s existing lithium-ion-phosphate (LFP) TLE120 model, a gap which may explain why sodium-ion batteries haven’t yet seen mass adoption.

Company news:

 Asiamet (ARS LN) 1.5p, Mkt Cap £50.9m – KSK copper project sale long stop date extended to 7 September

• Asiamet has extended the deadline to complete the sale of its KSK copper project to 7 September.
• Management are waiting on final approvals from the Indonesian government.
• Norin Mining agreed to buy the project for $105m in cash in November.
• Shareholders and Chinese regulators have already approved the deal.
• Asiamet plans to return most of the money to shareholders once the sale completes.

Central Asia Metals* (CAML LN) 1469, Mkt Cap £266m – Mineral Resource and Ore Reserve update for Kounrad and Sasa

• Central Asia Metals updates resource and reserve estimates for Kounrad and Sasa operations.
• The estimates by SLR consulting will be refiled as NI 43-101 reports on SEDAR+
• Kounrad (Kazakhstan copper):

• • Kounrad’s first reported Ore Reserve.
  • Copper leach from old mine waste dumps – no mining required.
  • Indicated resource of 595.1mt at 0.07% copper for 407.9kt contained metal.
  • The full resource converts to Probable reserves at the same tonnes and grade.
  • 179.3kt of copper has been recovered since leaching began in 2012.
  • Around 75,400t remains, with the mine plan scheduling 74,459t of cathode to 2034.
  • Annual output declines from 12,000t in 2026 to around 6,000t by 2032 as remaining dumps are lower grade.
  • Copper guidance for 2026 is unchanged at 12,000t to 13,000t.

• Sasa (North Macedonia zinc-lead):

• • Indicated resource of 11.4mt at 4.2% lead, 2.8% zinc and 29.8g/t silver.
  • A further 9.1mt is Inferred, around 6% of mine plan tonnes.
  • Probable reserves of 6.9mt at 3.5% lead, 2.5% zinc and 26.1g/t silver.
  • Reserves sit entirely at Svinja Reka, with none at Golema Reka pending a feasibility study.
  • Reserves fall 2.3mt on a revised mine design, higher cut-off values and depletion.
  • The mine plan runs around nine years at up to 830,000tpa until 2034.

• The update comes as CAML prepares its proposed acquisition of Cygnus Metals, announced in June.

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

Cornish Metals* (TIN LN) 113p, Mkt cap £142m – Bonds start trading today

• Following its placement of a US$210m, 13.5%pa bond issue in May to secure the debt component of the finance needed for the resumption of tin production at its South Crofty mine in Cornwall, Cornish Metals reports that the bonds start trading on the Nordic ABM today.

*SP Angel acts as Nomad and Broker. An SP Angel analyst formerly worked in the South Crofty tin mine in the 1980s and holds shares in Cornish Metals

ECR Minerals (ECR LN) 0.2p, Mkt Cap £6.7m – Progress at the Maddens gold project. Queensland

• ECR Minerals has issued a progress report on its 50% owned Maddens Gold Project in Queensland.
• The company highlights continuing advancement of the underground development at the mine where it “has identified an additional mineralised quartz vein containing visible gold, with ore now being stockpiled on the Run-of-Mine (“ROM”) pad ahead of future processing”.
• The “next phase of the development of the decline … to access the ore body … [is] … expected to commence shortly”.
• Improved geological insights into the mineralisation are emerging as observation from the “underground development and structural mapping” is integrated with “historical mining data … [and] … the application of modern geological techniques”.
• Non-Executive Director, Mike Parker, commented that “One of the most exciting aspects of our recent work is seeing the geological model continue to evolve as underground development progresses”.
• He said that “Every metre of development not only moves us closer to production but may also provide valuable geological information that improves our understanding of the overall Maddens Gold Project”.
• Improvements to the gravity circuit, expected to enhance recovery rates, include the expected installation of a Knelson gravity concentrator “in the coming weeks”.
• The company also confirms that it is progressing “trial alluvial operations at the Brothers Mining Lease … [which] … complements the underground development programme at the Maddens Underground Mine and will form an integral part of the development potential at the wider Maddens Gold Project”..

Conclusion: Underground development at the Maddens gold mine has identified an additional mineralised gold quartz vein and improved understanding of the geological context of the mineralisation.

Ferrexpo (FXPO LN) SUSPENDED – Iron ore production suspended amid working capital issues

• The Company suspends iron ore operations amid working capital challenges and ongoing disruption risks from military strikes.
• Resumption of operations is subject to an injection of additional working capital.
• The Company to supply its European customers from existing inventory stockpiles.
• The Company estimates current available funds are sufficient until mid-September 2026.

FireFly Metals (FFM CN) C$1.8, Mkt Cap C$770m – Green Bay drilling results ahead of PEA due later this month

• The Company reports results from final 42 holes at the Green Bay Copper-Gold Project (Newfoundland, Canada) to be used in the MRE update.
• Selected results (true thicknesses) include:
• Upper VMS zones

• • 11.5m @ 13.2% CuEq (11.1% Cu & 2.1g/t Au) in hole MUG26-101
  • 18.9m @ 8.2% CuEq (7.0% Cu & 1.3g/t Au) and 11.1m @ 12.1% CuEq (9.5% Cu & 2.4g/t Au) in hole MUG26-079
  • 13.5m @ 11.1% CuEq (8.4% Cu & 2.6g/t Au) and a further zone of 18.9m @ 7.0% CuEq (6.3% Cu & 0.8g/t Au) in hole MUG26-083
  • 19.8m @ 7.2% CuEq (6.6% Cu & 0.7g/t Au) in hole MUG26-086

• >800m long high grade Core Zone:

• • 65.3m @ 4.3% CuEq (3.6% Cu & 0.7g/t Au) in hole MUG26-060

• Footwall zone stringer

• • 36.9m @ 2.7% CuEq (2.6% Cu & 0.1g/t Au) and a further zone grading 21.4m @ 2.3% CuEq (2.2% Cu & 0.2g/t Au) in hole MUG20-067

• Six drill rigs are currently operating underground including four focused on infill MRE conversion and two testing lateral step out extension.
• Further three dedicated to surface drilling covering regional geophysical targets and maiden drilling at Tilt Cove.
• MRE update and PEA on track for completion by end August.
• Maiden reserve due by the end of 2026.
• FS due 1Q27.
• MRE currently stands at 50mt 2.0% CuEq in M&I and 29mt 2.5% CuEq Inferred.
• Infill drilling target is for M&I to account for a minimum of 70% MRE.

Glencore (GLEN LN) 570p, Mkt Cap £67bn – H1 shows material increase in earnings on higher metals prices and substantially better trading environment

• Glencore reports a very substantial increase in H1 trading driven by higher underlying commodity prices and a materially better trading environment.
• The war with Iran raised the need for supply security while the closure of the Strait of Hormuz underpinned the need to ensure fuel and sulphur stocks for Glencore mines and customers.
• Sales rose to $174bn from $117bn yoy
• EBITDA nearly doubled to $10.1bn from $5.4bn yoy and vs $$8.1 for H2 2025.
• Net income jumped to $4.4bn from a loss of $0.7bn yoy and vs $9.9bn for FY 2025.
• Marketing division, adjusted EBIT rose 142% yoy to $3.3bn – highlighting the significance of Glencore’s marketing, logistics and risk management capacity.
• Industrial adjusted EBITDA rose 72% yoy to $6.5bn reflecting higher prices, a solid operational performance and a weaker US dollar through the period. Offset by higher operating costs due to supply-chain disruptions.

• • The war with Iran raised fuel, sulphur, sulphuric acid and other consumables pricing.

• Group Adjusted EBITDA rose 86% to $10.1bn
• Adjusted EBITDA mining margins:

• • 52% – copper
  • 38% – steelmaking coal
  • 19% – energy coal

• Adjusted EBIT

• • Marketing $3.3bn vs $1.4bn yoy
  • Industrial activities $3.4bn vs $0.4bn yoy

• Net debt fell $1.0bn to ~$10bn despite $4bn of capex, $1.9bn of working capital and $1.1bn of shareholder distributions.
• Special cash distribution of $8.5c/s (~$1bn)
• Share buyback $500m to be completed by February 2027.
• Total 2026 shareholder return ~$3.5bn.
• Guidance is for ongoing strong cash generation through H2 and an Adjusted EBITDA of ~$19.7bn for the full year.
• Risks:

• • US dollar strength,
  • Potential for sulphur and sulphuric acid shortages,
  • Inflation: Diesel, LNG and other prices linked to the closure of the Strait of Hormuz,
  • Normalisation of pricing environment for the marketing division,
  • Operational risks at mines from disruption to supplies.

• Impairments: We note the impairment of our Murrin Murrin nickel asset of $457m, due to a stronger Australian dollar and higher sulphur price assumptions.

• • Kazzinc Zhairem saw a $99m reversal of impairment.

• Alumbrera restart running ahead of schedule – first production expected in H2 2027 vs original guidance of H1 2028.
• ASX listing via CDIs targeting admission in October.
• Merger with Rio Tinto was abandoned in February following significant disagreement that Rio Tinto were significantly undervaluing Glencore assets.

• • Rio were also pushing to retain leadership control. Not to mention one or two historic governance issues.
  • Rio would have likely pushed to offload the coal business for decarbonisation

Conclusion: Volatility driven by the war in Iran makes for a positive environment for Glencore’s marketing business.

The group looks well placed to meet the challenges of further supply disruption in H2 and to meet guidance despite the risks inherent in the current encironment.

Ionic Rare Earths (AXR AU) A$0.28, Mkt Cap A$71m – A$8m raise to advance magnet recycling business

• The Company raised A$8m to advance its recycling business including commercialisation of the Belfast Plant and strategic international expansion opportunities.
• 30.8m being issued at A$0.26, implying  a 16% discount to the last close.
• A$2.0m in a strategic investment form US based Argentem Creek Partners, a specialist investment firm active in critical minerals, fintech and industrial sectors.
• Directors subscribed for A$500k.
• Net proceeds to be used:

• • A$5.0m Belfast commercial plant development, FEED study, land acquisition, technology and R&D
  • A$0.5m US expansion
  • A$0.75m Makuutu Rare Earth Project in Uganda
  • A$0.3m Viridion (50/50 JV with Viridis Mining & Minerals (VMM AU, Mkt Cap A$485m) developing refinery and magnet recycling facilities using Ionic Technologies’ tech) – magnet recycling study, refinery scoping study, magent recycling demonstration plant
  • A$1.4m working capital and general corporate expenses

Li-FT Power (LIFT CN) C$3.3, Mkt Cap C$87m – C$20m raise covering Renard costs

• The Company announced a C$20m raise to cover Renard option related C&M costs.
• A bought deal involves the issue of 6.9m shares at C$2.90 representing a 12% discount to the last close.
• Net proceeds to be used to fund C&M costs covering first year of the Renard option period as well as working capital.
• The Company holds an option to acquire the historic Renard processing site (Quebec, Canada) that is planned to be used to process lithium ore from the Adina Lithium Project (~70km north of Renard).
• The Company paid a C$12m (cash) option fee under the agreement with Stornoway Diamonds, 11272420 Canada and Deloitte Restructuring last month.
• The Company may exercise the option for C$1.00 at any time during a two year period ending June 2028 (unless extended).
• The Company has then an option to acquire the Renard diamond mine, processing facility and associated infrastructure.
• Assets included a 2.2Mtpa process plant, on site airport, a 16MW LNG-firec power plant, tailings, water management infra, a maintenance shop, a 330-bed camp and an all season road access to Chibougamau.
• During the option period, the Company will be covering C&M costs that are estimated at C$18m per annum.
• Li-FT secured Adina through a ~US$60m all share acquisition of Winsome Resources December 2025.
• Adina is a PEA stage hard rock project hosting 78mt 1.15% 2.2mt LCE mineral resource (61mt 1.14% in M&I category; >90% in OP domain)

New Frontier Minerals* (NFM LN) 0.31p, Mkt Cap £6.5m – Bedrock conductor defined within Harts Range heavy rare earths prospect

• New Frontier Minerals reports the identification of a bedrock conductor at Harts Range as defined by Southern Geoscience Consultants.
• The conductor has been modelled from publicly available airborne electromagnetic data and looks like a single, flat-lying plate at ~240m depth just 3.5km south of the Kings Cross magnetic anomaly.
• The conductor also lies within a belt where BHP Xplor-backed research by Litchfield Minerals sees as potential for a district-scale copper-nickel mineral system.
• Litchfield Minerals concluded the region contains the key geological ingredients required to host large copper-nickel sulphide systems, including deep mantle-derived structures, repeated magmatic events and established copper and nickel sulphide mineralisation along major crustal-scale pathways.

• • “The target remains untested, with no ground electromagnetic surveys or drilling completed over the conductor to date and warrants further follow up”

• Litchfield Minerals Limited (ASX: LMS) reported the results of the BHP Xplor-backed research in full in June 2026.
• Its centrepiece was C2 – a strong deep conductor interpreted at approximately 10km depth directly beneath the Blackadder-Baldrick Ni-Cu-PGE prospects, which Litchfield describe as a direct link between deep conductive architecture and known sulphide mineralisation.
• Just as significant was the conclusion that conductors of that style are not resolved in coarser regional datasets, so further conductors may remain undetected across the belt, including in ground that has already been explored.³  SGC places NFM’s modelled conductor (on 100% NFM tenure, EL 34147) within 40km of the C2 conductor identified through BHP Xplor-backed research by Litchfield Minerals. The Litchfield Minerals work provides encouragement for copper and nickel related deposits to be found throughout the belt.¹
• Management will now move to review existing magnetic, radiometric and geological datasets at Harts Range and to do more mapping and rock chip sampling.
• News flow:
• Big One copper deposit: moving towards a Mining Lease Application (ML 100479)

• • JORC MRE: 2.1mt at 1.1% Cu for 21,886t of contained copper

• Mt Storm assay results due. The mine historically produced ~1,100t at 6% copper.
• Pomme REE-Nb Project (Québec, Canada):

• • Targeting pathway to produce higher-grade REE concentrates following characterisation and metallurgical studies.
  • Work will focus on conventional metallurgical testwork, followed by Metallium’s proprietary Flash Joule Heating process testwork on existing drill cores.

• Cash on hand and liquid investments A$1.5m at end FYQ4.

*SP Angel acts as broker to New Frontier Minerals

Orosur Mining* (OMI LN) 14.85p, Mkt Cap £58m – Drilling results from Pepas West, Colombia

• Orosur Mining has announced the results of six drillholes at its Pepas West target in the Anzá project area west of Medellín, Colombia.
• The drilling tested shallow gold mineralisation around 100m west of the Pepas deposit where, in February, Orosur Mining announced an initial mineral resource estimate (MRE) of an ‘Indicated’ resource of 1.14mt at an average grade of 5.46g/t gold hosting ~201koz and an ‘Inferred’ resource of 190kt at an average grade of 2.99g/t adding a further 18koz
• Among the results reported today from Pepas West are:

• • A 6m wide intersection at an average grade of 0.65g/t gold from 18.15m depth in hole PEP 100; and
  • A 6.4m wide interval at an average grade of 2.81g/t from surface in hole PEP 10, including 4.3m grading 3.83g/t gold from 1m depth; and
  • A 6.85m intersection from surface in hole PEP 102 at an average grade of 2.18g/t gold including 0.9m at an average grade of 3.24g/t from 5.15m depth; and
  • A 10.20m wide intersection from surface in hole PEP 103 at an average grade of 5.77g/t gold including 2.45m from surface at an average grade of 22.3g/t; and
  • A 19.80m wide intersection from surface in hole PEP 104 at an average grade of 1.77g/t gold including 9.85m from 9m depth at an average grade of 2.71g/t; and
  • A 15m wide intersection from surface in hole PEP 105 at an average grade of 2.03g/t gold including 5.50m from surface at an average grade of 3.24g/t.

• The company explains that “Recent drilling … [suggests] … a … complex picture with the higher-grade surficial mineralisation seemingly a mix of insitu and heavily weathered material that has potentially remobilised downslope from Pepas”.
• Orosur Mining explains that it is “examining the potential for an auger system to be used on a regional basis to sample beneath transported cover …[as well as a] … smaller auger rig to more rapidly define the volume and grade of this extensive surface zone…[and that it expects to start testing this method] … in coming weeks”.
• “The current diamond rig will remain on site and be focussed on deeper drilling around Pepas West and other targets”.
• The company explains that the near surface mineralisation is “free digging, flat lying, surficial, high grade oxide gold mineralisation … [which it sees as] … a high priority in a near-term production scenario, from the point of view of cost and time required to define, develop and mine”.
• CEO, Brad George, explained that the “geological nature of Pepas West is complex as a result of mixing of totally weathered and transported material … [but noted that] … , the grade is there which in the end is all that matters”.

Conclusion: Drilling at Pepas West is confirming shallow, mineralisation west of the ~220koz gold resource at Pepas published earlier this year.

*SP Angel acts as Nomad and Broker to Orosur Mining

Strategic Minerals* (SML LN) 3.6p, Mkt Cap £104m – Redmoor receives final clearance for expansion of the drilling fleet

• Strategic Minerals confirms receipt of final clearances to deploy 3 rigs at its Redmoor Tungsten-Tin-Copper Project in Cornwall.
• The Planning Authority has approved “7 drill pad locations, which will form the drilling locations for at least 44 planned resource infill drillholes, and an additional 9 metallurgical holes”.
• The 22,500m programme is expected to be completed in Q2 2027 and the company confirms that drillholes CRD-046 and CRD-047 are currently in progress.
• In March, Strategic Minerals announced an updated ‘Inferred’ mineral resource of 17.4mt at an average grade of 0.49% WO3, 0.17% tin, 0.44% copper and 5.8g/t silver delivering a 49% increase in resource tonnage and a 31% rise in the contained tungsten trioxide (WO₃) compared to the previous, 2019 estimate.
• Dennis Rowland, Managing Director of the operating company, Cornwall Resources, confirmed that “site preparation activities have been accelerated and two additional drill rigs from Priority Drilling UK Limited were mobilised to site. Drilling is underway and progressing on our three-drilling rig programme”.
• Mark Burnett, Strategic Minerals’ Executive Director, said that the company believes the Redmoor drilling campaign is “the largest programme delivered in Great Britain, from surface, this century”.
• Today’s announcement also confirms the award of “share options over a total of 13,150,000” shares including 2.2m each to Mr Burnett and to Executive Chairman, Charles Manners and 0.75m to Non-Executive Director, Philip Haydn-Slater as well as “to certain existing employees” of Cornwall Resources.

Conclusion The permits to deploy three drilling rigs at Redmoor will speed up the major infill and expansion drilling programme for the PFS currently underway and should accelerate newsflow as the campaign builds momentum.

*SP Angel acts as Nomad and broker to Strategic Minerals

White Cliff Minerals (WCN AU) A$0.016, Mkt Cap A$55m – Drilling results from Nunavut

• In an announcement to the ASX today, White Cliff Minerals reports drilling results from its Danvers target within the Rae Copper project in Nunavut, Canada.
• Drilling is testing sediment-hosted copper targets, analogous to the Central African Copper Belt and the European Kupferschiefer deposits, in the pre-Cambrian age Rae Group.
• Today’s announcement highlights an intersection of 42m at an average grade of 1.43% copper from a depth of 200m in hole DAN26-025 with 5.25m grading 2.72% copper from 207.15m depth, 4.00m grading 2.42% copper from 226m and 4.73m at 2.23% copper from 232.50m depth.
• Managing Director, Troy Whittaker described hole DAN26-025 as “a strong step out result that expands Danvers 3 … which] … demonstrates that the mineralised breccia system extends well beyond the initial discovery area”.
• Hole DAN26-028 intersected 8m at a grade of 0.9% copper from 309m depth and DAN26-036 “logged 83.1m of combined copper sulphides … indicating a significant strike expansion of the chalcocite dominant Danvers 3 system of >280m”.
• The company says that drilling shows the Danvers 3 area over 300m of lateral strike with “first pass drilling across the 12km target corridor … [of the overall Danvers target now] … complete”.
• The company reports that “DAN26-031 is the first hole t test more than 1km of greenfield strike northeast of Danvers 1. Collared approximately 630m northeast of DAN26-029 it intersected 4m of visually logged chalcocite veining”.
• “Diamond drilling is now infilling widely spaced Phase 1 regional holes, with individual targets being progressively refined as oriented core improves the Company’s understanding of the structural controls on mineralisation”.
• Executive Technical Director, Eric Sondergaard, summarised the drilling results so far as demonstrating that “the breccia system extends well beyond DAN26-012 and provides clear structural vectors towards the thicker and higher-grade parts of the system”.
• Mr. Sondergaard said that the “next phase of drilling will directly test these extensions along strike and at depth”.

Conclusion: Recent drilling at the Danvers target in northern Canada is extending the known footprint of mineralisation and providing guidance towards the thicker and more richly minerals parts of the system.

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