SP Angel – Today’s Market View, Wednesday 7th October 2026

Uranium shares jump after Alphabet agrees to buy nuclear power from Constellation

MiFID II exempt information – see disclaimer below

Alphamin Resources (AFM CN) – Record Mpama South intercept alongside a CAD$0.13 interim dividend

Aterian* (ATN LN) – Fourth straight quarter of gross profit in Rwanda, with a tungsten trading trial started

EQ Resources (EQR AU) – Record revenue and cash on an 81% lift in tungsten production

First Class Metals (FCM LN) – Visible gold identified at the Sunbeam prospect, Ontario

Metals X (MLX AU) – Ringrose opens at depth while Ring River extends South Bassett by 200m

Oriole Resources (ORR LN) – Initial Wapouzé MRE

Orosur Mining* (OMI LN) – Closing of placement

Savannah Resources* (SAV LN) – BUY, Target 16.5p – Barroso development update highlighting FEED contractor appointment and ISO 14001 certification

Serval Resources* (SRVL LN) – Mapping and grab samples helping to identify drill targets in Namibia

Sigma Lithium (SGML US) – Positive Federal Court of Appeals decision allows Grota do Cirilo to restart

Switch Metals (SWT LN) – Soil sampling results from Cote d’Ivoire

Uranium shares jump after Alphabet agrees to buy nuclear power from Constellation

• Alphabet has agreed to buy nuclear power from Constellation Energy.
• The deal supports 890MW of new reactor capacity.
• Centrus up 13% and Cameco rose 7.9%.
• Denison Mines, NexGen Energy and Energy Fuels all rose ~7%, with Oklo and NuScale up 9%.

Copper ($14,388/t) Codelco investigates possible double counting of output in 2024 and 2025

• Codelco is investigating evidence that copper production may have been double counted in 2024 and 2025.
• Material may have been recorded as production by more than one division.
• That could have overstated output at the Ministro Hales and Salvador mines.
• The Company has passed the findings to prosecutors and hired EY to size the impact.
• KPMG is separately reviewing production across all Codelco divisions for 2024 and 2025.

Nickel ($15,695/t) Indonesia’s nickel revenue more than doubles as ore output falls

• Indonesia’s government projects nickel ore output of ~290mt for 2026, based on production through 3Q.
• That compares with 320mt produced last year, and national ore output fell ~13mt in the period to August.
• Nickel non-tax state revenue still reached $1.27bn by 31 August, more than double the $606mn a year earlier.
• The ministry expects nickel to hold ~$17,000/t to year-end, against $15,695/t on the LME today.
• It points to global nickel inventories of ~500,000t as one factor weighing on prices.

Gold ($4,136/oz) holds steady as oil rises on Iran’s Hormuz attacks

• Oil rose after Iran stepped up attacks on tankers in the Strait of Hormuz.
• Middle East oil flows are back to ~80% of pre-conflict volumes, said Shell plc CEO .
• Treasuries pulled back from multi-decade peaks as oil climbed, easing bets on an October hike.
• Traders now price a <20% chance of a rise this month, down from ~40% a week ago.

Central bank further add gold to their reserves adding 39t (net) in August and taking YTD to 170t.

• China added 20t in its 22nd consecutive month of buying, lifting YTD purchases to 80t and holdings to ~2,387t (9% of total reserves).
• Poland came on top in YTD numbers (+98t) having accumulated 648t, on course for its 700t target.
• Increased demand from central banks has been led by the drive to diversify away from US$ holdings on both geopolitical concerns including the decision to freeze Russian reserves as well as rising debt levels and budget deficit worries.

Currencies

US$1.1207/eur vs 1.1215/eur previous. Yen 158.30/$ vs 158.18/$. SAr 16.604/$ vs 16.610/$. $1.325/gbp vs $1.322/gbp. 0.697/aud vs         0.697/aud. CNY 6.706/$ vs 6.706/$.

Dollar Index 102.14 vs 102.18 previous.

Economics

US – Brent prices climbed to over $100 lifting US$ index and Treasury yields amid attacks by Iran on vessels in the Strait of Hormuz.

• Nine attacks were reported in the waterway so far this month.
• That is already half of the number across Hormuz and the Persian Gulf combined last month.
• 10y US rates up 4bps as a sell off in government debt continued with yields hitting >5.3%.
• Markets to watch a 10y bond auction later in the day and a 30y auction on Thursday as an indicator of investor demand for US debt.
• September FOMC minutes are out later today.
• Expectations of a rate hike have been on a decline standing currently at <20% for October move.

US Trade Deficit continues to rise despite Trump Tariffs

• Trade Deficit rises to $105.6bn in August vs $92.8bn to $105.6bn.
• Exports rose 1.4% to $315.2bn
• Imports jumped 4.3% to $420.8bn.
• Deficit in goods gained $12.8bn to $136.6bn – as overseas demand for US goods fell. Gains were in seen in industrial supplies and materials and capital goods.

China – Beijing working to stabilise the collapsing property market and support urban renewal

• Mortgage rate cuts and subsidies for first-time homebuyers.
• Expanding elderly care services, family support and income growth plans as outlined in the Two Sessions.
• Ongoing support for high-tech manufacturing and for products used in China.
• Weak Confidence: Ongoing property market pressures and cautious consumer sentiment keep domestic retail spending subdued relative to robust industrial exports.

AI Hyperscalers & GDP Data

• AI and related Hyperscalers account for around half of all planned capital expenditure supporting much of new Western GDP growth.

Buildout of new datacentres hamstrung by the time taken for grid connection and planning permission in UK & Europe

• • Europe – Data-Center Backlash Stalls $42B of Projects (AI Weekly)
  • Public-opposition delays and cancellations at ~$42bn of European data-centre investment vs ~$77bn in US (STL Partners research).
  • >70 European projects rejected or restricted between January and April (European Data Center Monitor)
  • Thailand froze construction on 49 data centres in September,
  • S Korea: 22 of 25 Seoul district mayors asked in August for a separate review of residential-area sites.
  • UK – significant local opposition to new data centre at Auchtertool in Fife, Scotland.

European construction PMI remains soft:  

• • EU – 43.4 in September vs 43.0 in Europe
  • Italy – 46.5 vs 41.7
  • Germany – 43.5 vs 48.7
  • France – 39.8 vs 37.3
  • UK – 46.1 vs 44.3

PMI Services and Composite data shows unexpected strong growth despite higher oil prices

• JP Morgan composite at 40-month high
• Manufacturing at a 55-month high
• Service / non-manufacturing at a 40-month high.

• China and Brazil are slowing while the US and others regain lost manufacturing activity.

France – The spread with German Bunds widened as much as 10bps to 138bps as French bonds gave up some of its earlier gains

• Increased spread follows ECB governing Council member Emmanuel Moulin comments that the current situation with French bonds does not warrant an intervention.
• “The ECB is not there to deal with the fiscal problems of countries — it is there to fight inflation and have inflation around 2%,” Moulin, the Bank of France Governor, said on Wednesday on France Inter radio.
• “So the conditions are not met today for an intervention from the ECB.”

India – The central bank hikes rates for the first time in three years as higher energy prices lifts inflation outlook.

• The benchmark rate was increased 25bp to 5.5%.

Precious metals:

Gold US$4,136/oz vs US$4,135/oz previous

Gold ETFs 101.1moz vs 101.0moz previous

Platinum US$1,674/oz vs US$1,709/oz previous

Palladium US$1,155/oz vs US$1,165/oz previous

Silver US$60.6/oz vs US$60.8/oz previous

Silver ETFs 802.7moz vs 803.1moz previous

Rhodium US$9,000/oz vs US$9,000/oz previous

Base metals:   

Copper US$14,388/t vs US$14,420/t previous

Aluminium US$3,137/t vs US$3,134/t previous

Nickel US$15,695/t vs US$15,595/t previous

Zinc US$3,747/t vs US$3,735/t previous

Lead US$1,877/t vs US$1,878/t previous

Tin US$54,125/t vs US$54,400/t previous

Energy:

Oil US$101.1/bbl vs US$99.5/bbl previous

• Crude prices moved back above $100/bbl as the API estimated a US inventory w/w draws of 2.10mb to crude oil and 0.8mb to the SPR, with distillate stocks gaining 0.5mb and gasoline stocks falling 1.4mb on 13.96mb of domestic output.

Natural Gas €77.0/MWh vs €76.0/MWh previous

Uranium Futures $89.8/lb vs $89.7/lb previous

Bulk:

Iron Ore 62% Fe Spot (Singapore) US$91.3/t vs US$91.6/t

Chinese steel rebar 25mm US$479.2/t vs US$479.2/t

HCC FOB Australia US$264.0/t vs US$263.0/t

Thermal coal swap Australia FOB US$151.3/t vs US$149.0/t

Other:

Cobalt LME 3m US$39,245/t vs US$39,245/t

NdPr Rare Earth Oxide (China) US$110,268/t vs US$110,268/t

Lithium Carbonate 99% (China) US$19,161/t vs US$19,161/t

China Spodumene Li2O 6%min CIF US$1,735/t vs US$1,735/t

Ferro-Manganese European Mn78% min US$1,045/t vs US$1,045/t

Tungsten APT (China) 88.5% FOB US$1,875/mtu vs US$1,875/mtu

Tungsten APT (Europe) 88.5% Rotterdam US$2,925/mtu vs US$2,925/mtu

China Tantalum Concentrate 30% CIF US$243/lb vs US$243/mtu

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

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

Europe Ferro-Vanadium 80% US$26.1/kg vs US$26.1/kg

China Ilmenite Concentrate TiO2 US$183/t vs US$183/t

US Titanium Dioxide TiO2 >98% US$2,952/t vs US$2,952/t

China Rutile Concentrate 95% TiO2 US$1,171/t vs US$1,171/t

Brazil Potash CFR Granular Spot US$365.0/t vs US$365.0/t

Germanium China 99.99% US$4,275.0/kg vs US$4,275.0/kg

China Gallium 99.99% US$450.0/kg vs US$450.0/kg

Europe Molybdenum Oxide 57% US$33.0/lb vs US$33.0/lb

EV & Battery news:

China’s carmakers eye 2m overseas sales in 2026, up 44% yoy

• The China Passenger Car Association (CPCA) forecasts overseas Chinese vehicle sales, covering passenger cars, buses, and lorries, could top 12m units in 2026, up 44% from 8.3m last year and 20% above an earlier 10m estimate from the China Association of Automobile Manufacturers (CAAM).
• Overseas deliveries climbed 51% yoy to 7.45m units in the first 8 months of 2026, with the figure including both exports of Chinese-made vehicles and Chinese-branded cars built at plants outside the mainland.
• A 12m total would be a nearly 12-fold jump from 1.08m in 2020, with China the world’s largest vehicle exporter since overtaking Japan in 2023.
• Chinese-made EV exports rose 70% yoy to 3.46m units in the first 8 months, according to CPCA, with BYD’s sales up 85.7% yoy to over 1.16m units in Jan-Aug, and Chery’s exports up 68.2% to 1.34m vehicles, well ahead of its earlier full-year forecast of 1.5m.
• Overseas sales are also propping up a weak domestic market, which slumped 20% in the first 8 months to 11.7m units
  • JPMorgan’s Nick Lai estimates Chinese carmakers can earn a net margin of 20,000 yuan ($2,975) per car overseas, four times higher than at home.
• Beijing published its first guidelines governing carmakers’ overseas operations on 1ˢᵗ September, requiring them to avoid steep discounting abroad.

Company news:

Alphamin Resources (AFM CN) C$1.45, Mkt Cap C$1.87bn – Record Mpama South intercept alongside a CAD$0.13 interim dividend

• DRC tin producer Alphamin reports 3Q26 production, guidance, and an exploration update.
• Results are on a 100% basis, and Alphamin indirectly owns 84.14% of the operating subsidiary.
• The Company processed 213,454t of ore, up 1% over the quarter.
• Feed grade fell to 3.2% Sn from 3.3%, with plant recovery flat at 72.9%.
• Contained tin production of 5,030t was in line with the prior quarter and 20,000tpa guidance.
• EBITDA guidance of US$171m, up 2%qoq from US$167m.
• AISC guidance of US$20,642/t sold, up 8%qoq.
• Higher AISC reflects ~$300/t of off-mine costs that move with the tin price, plus diesel and logistics.
• The Board declared an interim FY2026 dividend of CAD$0.13/share, around US$120m, payable 6 November.
• BGH206D2_T5 returned 19.29m @ 5.76% Sn from 426.41m, the widest and highest-grade intercept yet at Mpama South.
• An updated Mineral Resource and Reserve estimate is planned for late 4Q26.

Conclusion: Production and recoveries held steady, and the dividend returns around US$120m to shareholders. The Mpama South intercept is the best of the resource expansion programme so far, with an updated resource and reserve due late in the fourth quarter.

Aterian* (ATN LN) 23.0p, Mkt Cap £4.6m – Fourth straight quarter of gross profit in Rwanda, with a tungsten trading trial started

• Aterian, whose Eastinco subsidiary trades minerals in Rwanda, report a third-quarter update.
• Eastinco made unaudited gross profit of ~US$154,000 in the quarter.
• That is a fourth consecutive quarter of gross profit, taking the four-quarter total to ~US$900,000.
• Summer volumes were lower, and moving processing to a new 500m² facility at Gahanga cost three weeks.
• New supply arrangements only began delivering in the final week of September, so contributed little.
• Eastinco has started a tungsten trading trial to broaden its revenue base.
• Executive Chairman Charles Bray said first-half costs included one-off items and ‘do not represent what we expect the mature recurring cost base of the business to look like.‘
• The Board is evaluating strategic alternatives for the trading business, with no decisions made.

*SP Angel acts as Joint Broker to Aterian

EQ Resources (EQR AU) A$0.34, Mkt Cap A$1.7bn – Record revenue and cash on an 81% lift in tungsten production

• EQ Resources reports a 3Q26 production and financial update.
• Group production rose 81%qoq to 51,233mtu, the second highest quarter on record.
• Barruecopardo in Spain produced a record 34,088mtu, up 123%qoq.
• Mt Carbine in Queensland, Australia produced 17,145mtu, up 31%qoq.
• Group sales of 49,715mtu generated record revenue of A$158.8m, up 101%qoq.
• The average realised price rose 20%qoq to US$2,248/mtu.
• Barruecopardo realised US$2,333/mtu against Mt Carbine’s US$2,110/mtu.
• Cash rose 192%qoq to A$82.3m at 30 September.
• Realised prices remain subject to final assays and reconciliation.

First Class Metals (FCM LN) 3.4p, Mkt Cap £13m – Visible gold identified at the Sunbeam prospect, Ontario

• First Class Metals has announced the identification of visible gold in a grab sample of quartz taken during exploration of the Sunbeam prospect in Ontario.
• The sample was taken from a rock outcrop “over one kilometre along strike from … [the historic Roy shafts and the company states that it] … enhances not only the intervening zone but the potential of the whole Roy trend”.
• Today’s announcement reports that the sample “has returned an analysis confirming the gold content of over 30,000 g/t Au”.
• CEO, Marc Sale, said that identification “of significant visible gold in a grab sample over a kilometre along strike from the Roy shafts is a robust uplift of the Roy trend’s potential as well as that of the greater Sunbeam property”.
• He also commented that it validates “the exploration hypothesis FCM has adopted … [with the] … gold bearing outcrop … located in an area where there is an interpreted intersection of the Roy northeast striking trend and a west-northwest LiDAR structure … [and coincides with a] … Au and Pb anomaly in the soil sample assays from this zone”.
• Given the selective nature of grab sampling and that the result reported today is from a single sample, we echo the company’s caution that “this result is from a small sample mass and should not be extrapolated over any distance” although, as the company describes, it provides some endorsement to the exploration model.
• First Class Metals confirms that “Prospecting of the new zone is ongoing and further assays will be reported when completed”.

Metals X (MLX AU) A$2.05, Mkt Cap A$1.82bn – Ringrose opens at depth while Ring River extends South Bassett by 200m

• Metals X, who hold 50% of the Renison tin operation in Tasmania, report an exploration update.
• All results are quoted on a 100% basis.
• Eleven surface diamond holes at Ringrose returned 17 significant intersections over 3,946m.
• Drilling has identified a previously unrecognised offset. Ringrose is now open at depth towards the Pine Hill Granite.
• Offset intersections include:
  • S1778: 5.4m at 2.41% Sn from 323m
  • S1778: 2.6m at 1.98% Sn from 339m
  • S1777: 2.7m at 1.22% Sn from 332m
• Twelve holes at Ring River returned seven significant intersections over 5,047m this year:
  • S1782: 1.8m at 7.13% Sn from 374m
  • S1780: 1.5m at 4.62% Sn from 350m
  • S1772: 2.9m at 1.82% Sn from 171.8m
  • S1779: 3.2m at 1.52% Sn from 334.9m
  • S1779: 1.8m at 2.15% Sn from 375m
  • S1768: 2.7m at 1.36% Sn from 374m
  • S1782: 0.9m at 3.55% Sn from 306.9m
• Those results extend the South Bassett mineralisation by 200m.
• An 8,876m programme at Ringrose starts in 4Q26 to test the offset down to the granite, potentially adding 250m of depth.

Oriole Resources (ORR LN) 0.29p, Mkt Cap £13m – Initial Wapouzé MRE

• Oriole Resources has announced an initial mineral resource estimate (MRE) for its Wapouzé limestone project in Cameroon.
• The JORC compliant ‘Inferred’ resource totals 32.2mt at an average grade of 50.33% calcium oxide (CaO), 1.13$ magnesium oxide (MgO) and 6.06% SiO2, which the company describes as “indicating the potential to support a multi-decade limestone mining operation”.
• The resource “was predominantly defined from geological and geochemical data acquired during the maiden drilling programme, together with results of a recently completed resistivity survey”.
• The resource is hosted within “six separate marble domains (M1-6) across the north-eastern part of the Wapouzé licence, covering a cumulative 2.6km strike length”.
• Oriole Resources explains that “Four pit shells that demonstrate reasonable prospects for eventual economic extraction … have been defined … [with the best quality material within Pit 1 accounting] … for around one third of the Resource” of around 11mt.
• Beyond the resource area, a  conceptual ‘JORC Exploration Target’ totals “between 5.50 to 14.0Mt with average CaO grades between 48 and 53wt%, and MgO grades between 0.8 and 1.4wt% … has been defined as areas of mapped marble occurrences outside of the MRE” to a depth of 40-100m.
• “Oriole Resources is continuing its discussions with potential industry partners that could advance Wapouzé towards development and exploitation on an expedited basis … [and is] … ultimately looking to achieve royalty-based income from a commercial scale quarrying operation”.
• CEO, Martin Rosser, explained that limestone development at Wapouzé could be “used as a key ingredient in making valuable cement in Cameroon and neighbouring Chad … [and that] … subject to the preparation of a PEA, the Project has the potential for an attractive economic return”.

Conclusion: An initial ‘Inferred’ resource at Wapouzé could form the basis to develop limestone production as a cement feedstock, although the economics will need to be examined in a PEA.

Orosur Mining* (OMI LN) 14.65p, Mkt Cap £61m – Closing of placement

(Minera Anzá, and Minera Monte Aguila are wholly owned subsidiaries of Orosur)

• Orosur Mining report the closing of C$16m placement at ~17p/s (C$0.32c) comprising the previously announced C$14m and a further C$2m.
• The placing included a half warrant per share with an exercise price of ~24p/s (C$0.46c).
• Proceeds are to advance exploration at Anzá which comprises a number of promising gold projects.
• Anzá  (Colombia):
  • Pepas: 219koz of gold mineral resource estimate. (201,000 oz Indicated at 5.46 g/t gold) mineralisation starts at ~100m depth,
  • APTA: drilling has started with a view to advance the geological model and a potential resource estimate later this year,
  • El Cedro partial results from drilling shows 61.35m grading 0.93g/t gold with the hole planned to extend to 500m depth,
    • Inc. 42.15m @ 1.02 g/t Au from 19m
  • Geological mapping and sampling plus airborne geophysics aims to identify porphyry targets for drilling,
• El Pantano (Argentina):
  • initial drilling programme of 5,500m in 24 diamond drill holes is investigating the eastern and western extremes of the main rift related epithermal system.

Conclusion: Orosur is well funded to continue to extend and advance its gold discoveries at APTA and El Cedro with economic studies at Pepas and potential for further

*SP Angel acts as Nomad and Broker to Orosur Mining

Savannah Resources* (SAV LN) 5.555p, Mkt Cap £160m – Barroso development update highlighting FEED contractor appointment and ISO 14001 certification

BUY – 16.5p

• Sedgman is appointed as a minerals processing engineer and project delivery company.
• The contractor managed metallurgical testwork for the project and development of the flowsheet and plant design for the DFS.
• Sedgman offers >20y of hard rock lithium experience having successfully worked on projects in Australia, North America and Europe.
• The focus is on completing FEED for long lead items and place down payments on orders using available c.$53m treasury maintaining development timeline and advancing Barroso towards FID.
• Recruitment is ongoing with further ~30 additional roles expected to be filled over the coming months.
• The project was certified to ISO 14001, an internationally  recognised standard for Environmental Management Systems, by Bureau Veritas
• Guided catalysts for the remainder of the year: RECAPE submission, conditional project finance offers, a second offtake partnership and further key hires.

Conclusion: Pre-FID development at Barroso continues, with Sedgman’s appointment offering continuity — it delivered the DFS flowsheet and plant design — alongside broad lithium sector experience that de-risks the engineering phase. Development timelines reiterated with RECAPE submission, conditional project funding, second offtake partnership and key hires announcements expected before YE.

*SP Angel acts as Nomad and Broker to Savannah Resources

Serval Resources* (SRVL LN) 30.5p, Mkt Cap £10m – Mapping and grab samples helping to identify drill targets in Namibia

• Serval Resources reports that grab samples recovered during exploration of its licences in the Kaoko Basin in Namibia have shown copper/silver mineralisation in outcrop over a strike length of ~5km.
• “Multiple samples returned grades in excess of 10% Cu-Eq, collected across six prospects … [and identified a] …  new Cu mineralisation prospect, named Okamborombonga, taking the total number of confirmed Cu prospects in Serval’s Kaoko Basin portfolio to 13”.
• Describing the geological setting, Serval Resources explains that the “Kaoko Basin, in north-western Namibia, forms part of the Neoproterozoic Damara Orogenic Belt and is interpreted as an extension of the Central African Copperbelt, one of the world’s foremost sediment-hosted copper-silver provinces”.
• The company’s 789km² licence area hosts key targets at “the Omatapati, Horseshoe and Otjozongombe West and East prospects with the following results:
  • Six samples taken from Omatapati average 2.78% copper and 194.5g/t silver; and
  • Fifteen samples taken from Otjozongombe West average 6.17% copper and 122.9g/t silver; and
  • Four samples taken from Okozonduno average 6.60% copper and 69.3g/t silver; and
  • Eighteen samples taken from Otjozongombe East average 1.93% copper and 14.3g/t silver; and
  • Fifteen samples taken from Horseshoe average 3.05% copper and 59.5g/t silver; and
  • Ten samples taken from Okamborombonga average 2.68% copper and 91.5g/t silver.
• The results of the grab sampling “will be integrated with the Company’s existing geological, structural and geophysical datasets to prioritise and refine drill targets ahead of the maiden diamond drilling programme targeted to commence in Q4 2026”.
• Describing the results of what CEO, Robin Birchall, described as “our first systematic sampling campaign … [he said that they showed] … signs of a large fertile mineralised system … over a significant strike length …  rather than an isolated occurrence”.

Conclusion: Mapping and grab sampling across the Namibian exploration licences has shown copper/silver mineralisation across around 5km strike length and will help define targets for a drilling programme due to start in Q4 2026.

*SP Angel acts as Nomad and Broker to Serval Resources

Sigma Lithium (SGML US) US$9.7, Mkt Cap US$1.1bn – Positive Federal Court of Appeals decision allows Grota do Cirilo to restart

• The Company announces the Federal Court of Appeals upholded its environmental licenses.
• Mining and processing operations resumed at the Grota do Cirilo Lithium Mine in Brazil.
• The ruling overturns an 8 September emergency injunction by a local federal judge in Teófilo Otoni that had suspended the licences and halted mining.
• The underlying case was brought by local association Ngolo on behalf of Quilombola communities.
• The Company confirmed the target to reach 330kt SC capacity by YE 2027.
• The team highlights current available plant capacity is enough to reach the target.
• Separately, the Company rejected media reports linking the stoppage to North Pit geotechnical remediation, noting it does not operate the North Pit.
• The stock is up 5% in the pre market.

Switch Metals (SWT LN) 5.25p, Mkt Cap £6.9m – Soil sampling results from Cote d’Ivoire

• Switch Metals reports that geochemical soil sampling across its 990km² Tiassalé Lithium project in Côte d’Ivoire retrieved 7,272 samples and has identified seven anomalies including 3 priority targets across an area of 26km².
• The company has deployed a team to conduct detailed mapping of the priority N’Douci East, Aboude North and Ananguie North targets “with trenching or auger drilling to follow, as may be required to refine final drill targets”.
• Commenting on the programme, CEO, Karl Akueson, said that the “priority lithium geochemical anomalies at Tiassalé exhibit features consistent with those anomalies associated with recently announced spodumene discoveries made by our neighbouring operators who are backed by Chinese lithium majors Huayou Cobalt and Ganfeng Lithium”.
• Switch Metals “has an exclusive option to earn a 100% interest in the Tiassalé land package”.

Conclusion: Geochemical soil sampling has identified 3 priority lithium targets for follow-up exploration at the Tiassalé project in Côte d’Ivoire.

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

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.

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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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