SP Angel . Morning View . Monday 03.11.25

MiFID II exempt information – see disclaimer below

80 Mile Plc* (80M LN) – US group signs joint venture on Disko-Nuussuaq Project, Greenland

Anglo Asian Mining* (AAZ LN) – Demirli licensing and copper concentrate sales agreement with Trafigura

Aterian plc* (ATN LN) – Aterian to continue focus on Rwanda exploration following Rio Tinto relinquishment of joint venture

Catalyst Metals (CYL AU) – Quarterly results as focus on feeding Plutonic mill

Guardian Metal Resources (GMET LN) – Promising exploration results from the Garfield project, Nevada

New Frontier Minerals* (NFM LN) – Harts Range drilling plan

West African Resources (WAF AU) SUSPENDED – Healthy cash generation as government discussions continue over Kiaka

Gold ($4,001/oz) firms around key level as China removes bullion tax break

• Buying gold in China just become more expensive for Chinese residents following the closing of the ability of retailers to offset VAT on the sale of gold bought from the Shanghai Gold Exchange.
• The tax break included gold bars, ingots and coins approved by the PBoC along with gold in jewelry and industrial materials.
• Gold volatility seems to be cooling, with the metal down c.$400/oz from it’s mid-October peak.
• However, gold has firmed around $4,000/oz, having recovered from $3,895/oz.
• An additional Fed rate cut, combined with easing US-China tensions, has seen gold find some stability.
• Gold’s correction coincided with the end of festival buying in India following Diwali.

Copper ($10,886/t) holds lower whilst African shipments disrupted by Tanzania unrest

• Copper prices eased from recent record highs at $11,180/t, amid a wider correction in metals prices.
• The move followed an uptick in the US dollar, with the index rising to July highs.
• China copper shipments from Africa have reportedly been disrupted after disruption at the Port of Dar es Salaam.
• Tanzania has seen civil unrest following the election of Samia Suluhu Hassan.
• Bloomberg reports c.2/3rds of China’s copper shipments from Africa flow through Dar es Salam.
• Traders expect the disruption to be short lived, with copper re-routed via Durba and Namibia.
• Meanwhile, other base metals including zinc and aluminium climbed today, despite weaker China PMIs.

Rare Earths - Lynas Rare Earths has warned China will starve rare earths projects of equipment and consumables

• Amanda Lacaze, MD at Lynas has commented, Chinese manufacturers will deliberately starve Australian and American projects of the equipment and consumables they need.
• Ms Lacaze will be well aware of subtle tactics used by China to frustrate the development of new production facilities in the west.
• Lynas Rare Earths is currently planning a new $106m REE processing facility in Malaysia with 5,000tpa capacity.
• JS Link and Lynas Malaysia are also planning a new RM600m ‘super magnet’ facility in Malaysia for the production of up to 3,000tpa of neodymium-iron-boron sintered permanent magnets close to Lynas’ advanced materials plant in Kuantan.

IG TV Commodity Corner: https://www.youtube.com/watch?v=u7en9LCuurE 

ii TV - Macro trends, indicators, small caps.

• Precious metals, gold and copper : https://vimeo.com/fiveminutepitchtv/review/1125894076/5ccc1f796b
• FTSE 100 stocks, small-cap and lithium: https://vimeo.com/fiveminutepitchtv/review/1125892775/a44f96f5a1

Economics

Mali – Authorities are reported to have revoked more than 90 mining exploration permits, Reuters reported last week.

• Affected companies are set to include local subsidiaries of Harmony Gold, IAMGOLD, Cora Gold and Resolute Mining.
• Authorities say that holders of licenses failed to comply with new legal requirements.
• Permit holders were asked to submit required documents under new mining rules, but after verification, authorities found widespread non-compliance,” the statement said. 
• “As a result, the government has cancelled the permits in line with mining legislation.”
• The decree was signed by Minest Minister Amadou Keita October 13 and reviewed by Reuters October 29.
• It cancels permits issued between 2015 and 2022 for the exploration of gold, iron ore, bauxite, uranium, REE and other minerals.

US – Trump tariffs hearing to be held in the US Supreme Court on Wednesday.

• The court will hear Trump’s administration appeal after lower courts ruled that the President overstepped his authority.
• Commenting on potential course of action US Treasury Bessent said that the administration expect a favourable ruling.
• Otherwise, the administration has a series of other tariff authorities for trade restrictions.
• “You should assume that they’re (tariffs) here to stary,” Bessent said.

US shutdown continues making it the second longest since 2019 when it lasted 35 days.

• No NFPs are expected to be released this week unless shutdown is lifted.

China – Private sector manufacturing PMI showed a slow down in growth rates driven by weaker overseas demand in October.

• New export orders fell at the fastest pace since May that many attributed to trade uncertainties.
• Domestic demand and sale s promotions supported overall increase in new business that expanded for a fifth consecutive month, albeit, at a slower rate.
• RatingDog Manfacturing PMI (Oct/Sep/Est): 50.6/51.2/50.7

UK – The BOE to announce rate decision later this week with expectations for the central bank to keep rates unchanged at 4%.

• Markets are pricing in a less than 1/3 chance of a quarter point cut
• Inflation remains a problem (3.8% vs 2.2% in the Eurozone and 3% in the US), although, the labour market has been weakening.
• Policymakers may opt for staying put until details of the November 26 budget.

Currencies

US$1.1513/eur vs 1.1567/eur previous. Yen 154.13/$ vs 154.33/$. SAr 17.313/$ vs 17.300/$. $1.312/gbp vs $1.314/gbp. 0.655/aud vs 0.654/aud. CNY 7.122/$ vs 7.114/$.

Dollar Index 99.87 vs 99.57 previous.

Precious metals:

Gold US$4,016/oz vs US$4,022/oz previous

Gold ETFs 97.3moz vs 97.5moz previous

Platinum US$1,606/oz vs US$1,608/oz previous

Palladium US$1,453/oz vs US$1,456/oz previous

Silver US$48.9/oz vs US$49.2/oz previous

Rhodium US$8,150/oz vs US$8,200/oz previous

Base metals:   

Copper US$10,907/t vs US$10,883/t previous

Aluminium US$2,913/t vs US$2,867/t previous

Nickel US$15,260/t vs US$15,205/t previous

Zinc US$3,081/t vs US$3,037/t previous

Lead US$2,027/t vs US$2,014/t previous

Tin US$36,210/t vs US$35,900/t previous

Energy:           

Oil US$64.8/bbl vs US$64.9/bbl previous

Natural Gas €31.7/MWh vs €31.2/MWh previous

Uranium Futures $82.3/lb vs $82.0/lb previous

Bulk:

Iron Ore 62% Fe Spot (Singapore) US$105.8/t vs US$105.9/t

Chinese steel rebar 25mm US$443.0/t vs US$443.3/t

HCC FOB Australia US$200.0/t vs US$195.5/t

Thermal coal swap Australia FOB US$109.5/t vs US$109.0/t

Other:  

Cobalt LME 3m US$48,570/t vs US$48,570/t

NdPr Rare Earth Oxide (China) US$74,560/t vs US$76,120/t

Lithium carbonate 99% (China) US$11,233/t vs US$11,246/t

China Spodumene Li2O 6%min CIF US$950/t vs US$950/t

Ferro-Manganese European Mn78% min US$1,015/t vs US$1,015/t

China Tungsten APT 88.5% FOB US$668/mtu vs US$663/mtu

China Tantalum Concentrate 30% CIF US$93/lb vs US$93/mtu

China Graphite Flake -194 FOB US$395/t vs US$395/t

Europe Vanadium Pentoxide 98% US$5.5/lb vs US$5.5/lb

Europe Ferro-Vanadium 80% US$23.9/kg vs US$23.9/kg

China Ilmenite Concentrate TiO2 US$273/t vs US$273/t

US Titanium Dioxide TiO2 >98% US$2,961/t vs US$2,961/t

China Rutile Concentrate 95% TiO2 US$1,102/t vs US$1,103/t

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

Brazil Potash CFR Granular Spot US$355.0/t vs US$350.0/t

Germanium China 99.99% US$3,075.0/kg vs US$3,075.0/kg

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

EV & battery news

Tesla signs $2.1bn BESS supply deal with Samsung SDI

• Samsung SDI will supply more than $2.1bn in battery energy storage system (BESS) batteries to Tesla over the next three years.
• The deal covers stationary storage units, not vehicle batteries, and will support Tesla’s Megapack and Powerwall production.
• The agreement expands Tesla’s supplier network beyond CATL, LG Energy Solution, and Panasonic as it scales grid-storage output in the US and Europe.

Company news

80 Mile Plc* (80M LN) - 0.80p, Mkt cap £36m – US group signs joint venture on Disko-Nuussuaq Project, Greenland

(80 Mile currently owns 100 percent of Nikkeli Greenland A/S, the holder of the Disko licenses)

• 80 Mile Plc reports the signing of binding heads of term with a USFM Corporation (a US Group) for a new joint venture on the Disko-Nuussuaq Project in Greenland.
• The binding agreement sets covers funding of US$30m by the US partner to earn 51% in the Disko-Nuussuaq project.
• 80 Mile will act as the operator and earn a management fee of 12.5% on expenditure plus a £500,000 cash payment on signing of the definitive agreements.
• 80 Mile will be free carried till completion of the earn in and will then contribute or dilute.
• “The HoT explicitly state that all funds are to be directed towards drilling rather than reprocessing data with a minimum of US$10m to be spent on drilling related activities within 10 months of the signing of the HoT.”
• Rod McIllree is expected to join the board of USFM Corporation following the transaction.
• If the project is cancelled or the joint venture terminates the US partner will bear the full site restoration and rehabilitation costs.
• Exclusivity has been given to USFM Corp from the signing of the agreement till 1 May 2026.
• Conditions: approval by the Greenland Government of the proposed work programme for the Project.
• All necessary consents/authorities/approvals from the Greenland Government for the transfer/assignment of the 51% interest on completion of expenditure commitments etc. including no proposed or enacted legislation/regulation that would prohibit or materially restrict implementation of the definitive agreements
• The Disko project hosts seven significant magmatic massive sulphide targets including:.
• A 28t boulder of pure massive sulphides assayed 6.9% nickel, 3.7% copper, 0.6% cobalt and 2 g/t pgms was found on the license area and is on display at the Danish Geological Museum in Copenhagen.
• Surface sampling also shows the presence of a working sulphide system with early results showing grades of 4.6%-9.3% nickel & 1.5-2.8% copper.
• See press release for photos on the sulphide samples https://www.80mile.com/regulatory-news.
• KoBold metals, the AI-focussed, private equity fund spent around US$12m on the collection of geophysical data, mapping and surface sampling before moving their attention to drilling copper projects in Zambia.

Conclusion: USFM is coming in with a significant financial commitment to find and confirm a polymetallic sulphide discovery in Greenland. They recognise that 80 Mile plc management are well placed to lead the program and we would hope $30m will be sufficient to confirm some form of discovery. While boulders can move many miles in glacial environments, the identification of a high-grade copper and nickel working sulphide system suggests further discoveries are to be made.

*SP Angel acts as nomad and broker to 80 Mile Plc (formerly Bluejay Mining). The analyst has formerly visited license in Greenland with management.

Anglo Asian Mining* (AAZ LN) 219p, Mkt Cap £246m – Demirli licensing and copper concentrate sales agreement with Trafigura

BUY – TP under review

• The Company secured all necessary operating licenses for the Demirli processing plant and tailings dam facilities.
• Documentation formalities are being finalised.
• Additionally, the Company has signed a copper concentrate offtake agreement for the Demirli Copper Mine with Trafigura.
• The agreement includes a revolving prepayment facility of up to US$25m.
• The facility to support working capital and operational ramp up.
• First copper concentrate shipments to Trafigura expected mid-November.

Conclusion: Licensing of the Demirli Copper Mine and offtake agreement with Trafigura mark further steps in Group’s growth strategy. With concentrate sales to commence shortly and a $25m prepayment facility in place, the Company is well positioned generate near ter cash flows from its expanding copper portfolio in Azerbaijan.

*SP Angel acts as nomad and broker to Anglo Asian Mining

Aterian plc* (ATN LN) 33p, Mkt Cap £4.9m – Aterian to continue focus on Rwanda exploration following Rio Tinto relinquishment of joint venture

(Rwanda: Aterian holds an effective 100% stake in the Musasa Mining Licenses plus a 70% interest in Kinunga Mining Limited which holds the HCK licence alongside HCK Mining Company Limited which has a 30% interest.) (Botswana: Aterian also holds a 90% in Atlantis Metals which holds its licenses in Botswana). (Morocco: Aterian holds 100% on all licenses held in Morocco)

• Aterian report the withdrawal of Rio Tinto from their joint venture with Aterian due to the potential scale of the joint venture projects within the Southern Province of the Republic of Rwanda.
• A Rio Tinto reassessment ‘determining that the local region does not have the potential scale to support a mine meeting the lithium resource specification as required by a Tier-1 mining company.’
• Rio Tinto has spent US$4.73m to date on exploration expenses on the project completing multiple programmes of surface mapping and geochemical sampling, ground-based geophysics and four diamond drill holes. 
• “This decision follows Rio Tinto's prior notification to the Company of its decision to exercise its Stage 1 earn-in rights under the JV agreement” (10 July 2025).
• Aterian will now regain control of the Project, and the Company believes this provides an exceptional opportunity to unlock the broader value of the licence area, where significant tantalum, niobium and lithium mineralisation potential remains untested.
• Drilling shows a significant intersection of:
• 6.90m at 2.11% Li₂O, including 3.45m at 3.20% Li₂O.
• The team now plan to continue exploration for tantalum, niobium and associated by-products in which Aterian is already trading across the HCK license.
• Management have expanded its trading of Coltan (tantalum-niobium) concentrate trading operation out of Rwanda with its first consignment recently transferred to the group’s trading partner.
• Coltan is a mix of columbite (Tin) and tantalite with pricing derived from the percentage of Tantalum and the end product price of 99.95% Ta. Prices vary from around $30-60/kg.

Conclusion: It is quite normal for majors to come and go from exploration projects according to broader changes in their management and exploration strategies.

Rio Tinto have left Aterian with a substantial data set from $4.73m of exploration which will enable management to better target new discoveries going forward.

*SP Angel acts as Broker to Aterian Plc

Catalyst Metals (CYL AU) A$7.1, Mkt Cap A$1.8bn – Quarterly results as focus on feeding Plutonic mill

• Catalyst reported September quarterly results on Friday.
• The Company produced 15.5koz at AISC of A$2,877/oz,
• Catalyst retains guidance at 100-110koz Au at AISC of A$2,200-A$2,650/oz.
• Company generated A$48m in operating cashflow, with cash and bullion ending the quarter at A$237m from A$230m prior.
• Catalyst began open pit mining at Trident to feed the currently underutilised Plutonic plant.
• Trident resource reported at 811koz at 4.9g/t Au.

Guardian Metal Resources (GMET LN) 107p, Mkt Cap £169m – Promising exploration results from the Garfield project, Nevada

• While confirming its focus on progressing its Nevada tungsten projects at Pilot Mountain and Tempiute, Guardian Metal Resources has announced that recent sampling of epithermal veins exposed at surface at its wholly-owned Garfield project located within Nevada’s Walker Lane mineral belt has shown high-grade gold, silver, and copper mineralisation.
• Today’s announcement also explains that “Rock chip samples of quartz-barite epithermal veins from the Power Line zone have returned high-grade gold-silver-copper … [and highlights that] … individual samples include LCGF42 which returned 18.3 g/t gold (Au) and 43.6 g/t silver (Ag);and LCGF66 which returned 14% copper (Cu) and 145g/t Ag”.
• The company also confirms that it has extended its land position at Garfield by staking an additional 42 BLM (Bureau of Land Management) claims “over an expansive Freeze North zone which covers hydrothermally altered rhyolites hosting numerous epithermal quartz-barite veins, partly obscured by post-mineral volcanic cover”.
• Geophysical induced-polarisation (IP) exploration underlying the Freeze and Freeze East zones has also “identified compelling drill targets under alluvial cover, located directly along strike from historic high-grade gold-silver underground mine workings … where previous sampling returned 61g/t, 11.2 g/t and 6.73 g/t Au”.
• The company comments that “Based on interpretation to date, the narrow high-grade epithermal veins seen at surface, either continue to depth and along fault structures, or grade into broader zones of lower-grade stockwork mineralisation”.
• CEO, Oliver Friesen, said that the “rock chip assay results from the Power Line zone, combined with the mapping completed, has revealed a much larger alteration footprint than previously recognised. This work has led to the staking of the new Freeze North zone, extending the trend to more than 4 km in strike, and to the definition of compelling drill targets at the Freeze East and Freeze zones”.
• In a separate announcement today, the company announces the appointment of a former PotashCorp executive, Michael X. Schlumpberger, PE MBA as a non-executive director.
• Welcoming the appointment, which remains “subject to completion of the required AIM due diligence process” Executive Chairman, JT Starzecki, said that after almost 40 years in the industry Mr. Schlumpberger brings skills “in mining operations, development and management, and will be particularly well-suited to guide Guardian Metal as it advances Pilot Mountain and Tempiute through to development”.

Conclusion: Encouraging early-stage exploration results from the Garfield project have prompted Guardian Metal Resources to expand its land position although the company stresses that its primary interest remains the progression of its Pilot Mountain and Tempiute tungsten projects

New Frontier Minerals* (NFM LN) 1.1p, Mkt Cap £17m – Harts Range drilling plan

• New Frontier Minerals confirms that it has finalised its plans for an initial, 46-hole, programme of reverse-circulation drilling at its Harts Range rare-earths project in the Northern Territory, Australia.
• The company indicates that it expects the regulatory approvals, for around 2,500m of drilling, imminently and that its field team is returning to the site, around 140km northeast of Alice Springs, this week.
• The drilling aims to “understand the extent of heavy rare earth mineralisation, especially dysprosium and terbium, which are in strong demand for their key role in high-performance magnets”.
• It will “test depth extensions to the near-surface zones of high-grade heavy rare earth and niobium mineralisation, identified from field campaigns” completed since the company acquired the project around a year ago.
• In tandem with the geological investigation, the company has progressed metallurgical work where a 25kg bulk sample, tested recently, “returned a very high HREO/TREO ratio of 94.8%, confirming the dominance of key magnet rare earth elements dysprosium (Dy) and terbium (Tb) -both essential for high-performance permanent magnets, electric vehicles, and defence applications”.
• New Frontier Minerals explains that it is also “advancing studies into conventional and novel processing pathways for heavy rare earth-enriched material, with the objective of accelerating commercialisation and supporting future offtake discussions with global magnet supply-chain participants”.
• Chairman, Gerrard Hall, described the Harts Range project as hosting “near-surface mineralisation and a dominant proportion of high-value heavy rare earth lanthanides such as dysprosium and terbium … [and said that the project] … is uniquely positioned to potentially play a significant role in future global supply chains for critical minerals”.

Conclusion: Initial drilling is expected to start soon at Harts Range aiming to test rare-earth mineralisation, identified in field exploration, at depth.

*SP Angel acts as broker to New Frontier Minerals

West African Resources (WAF AU) SUSPENDED – Healthy cash generation as government discussions continue over Kiaka

• West African report their September quarterly report.
• The Company sold 75.9koz at an average price of US$3,396/oz, having produced 92.7koz.
• AISC reported at $1,532/oz over the quarter, with Sanbrado at $1,348/oz and Kiaka at $1,921/oz.
• WAF reports Kiaka plant was power constrained in 3Q25, with grid power connection completed in late October.
• Cash from operating activities reported at A$242m, with group cash balance at A$340m.
• WAF reports that the Burkina Faso state’s free carried equity interest in Sanbrado, Kiaka and Toega increased from 10% to 15% over the quarter.
• Burkina Faso has requested to acquire an additional 35% interest in Kiaka, triggering the suspension as negotiations continue.

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

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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