SP Angel . Morning View . Monday 11.05.26

MiFID II exempt information – see disclaimer below

80 Mile Plc* (80M LN)  – Drilling approved for new targets at Disko-Nuussuaq.  USFM agreement executed.

Atlantic Lithium* (ALL LN)  – Elevra agrees to transfer Ewoyaa rights and obligations for takeover offer by Huayou for US$71m

Zhejiang Huayou Cobalt Co., Ltd (603799 SHA)

Elevra (ELV AU) (formerly Piedmont Lithium and Sayona Minerals)

Empire Metals* (EEE LN)  – £8m placing to support derisking of Pitfield Titanium Project

Galantas Gold* (GAL LN)  – C$85m capital raise to support development of gold assets in Chile

Hamak Strategy* (HAMA LN)  – 29.53 g/t of gold over 4m in drilling at Akoko, Ghana

Ionic Rare Earths (IXR AU) – Recycled REOs used in rotors for Ford under the CLIMATES Project

San Lorenzo Gold (SLG CN)  – Assays from Arco de Oro extend porphyry gold system substantially

Lithium – Energy Storage System tenders show five-fold increase to 51.1GWh since January 2024 but outpace winning bids by >2:1 in April

• Spodumene prices continue to rise in China with Spodumene Li2O 6%min CIF trading higher today at US$2,810/t vs US$2,660/t reflecting the continuing ramp up in Li-ion battery manufacturing.
• Mysteel reports strong appetite for spodumene concentrate from buyers, as lithium refineries lock in ore concentrate supply ahead of 3Q26.
• Spodumene prices are following carbonate higher, with smaller Chinese refiners having to pay higher prices given the dominance of offtake agreements from Australian spodumene operations.
• The supply of lithium ore has been constrained by export controls in Zimbabwe and the crackdown of spodumene and lepidolite operations in China.
• Zimbabwe is loosening export controls but insisting on increased downstream processing in country.
• On the demand side, battery manufacturers have seen strong growth in monthly tender volumes for ESS ‘Energy Storage Systems’ in China rising to 51.1GWh in April from 28.8GWh in January.
• March saw ESS tenders rise to 38.9GWh in March with winning bids taking up 20.6GWh of the tender offers.
• This represents a five-fold increase on the ESS tenders seen in January 2024.
• ESS winning bid volumes fell sharply in April to 22.6GWh representing less than half the total capacity put out to tender.
• While we might normally be extremely concerned over this sort of supply / apparent demand gap, these tenders are in China and one might expect the Chinese government to ensure any surplus capacity is taken up.

Gold ($4,670/oz) pulls back as Trump ramps up rhetoric against Iran

• Gold prices pulled back overnight, hitting $4,650/oz before rebounding.
• Gold is trading in line with peace talks in Iran, rallying on optimism over a sustained agreement and sliding when talks fray.
• Trump increased aggressive rhetoric against Iran yesterday, describing their response to US negotiations as ‘totally unacceptable.’
• The US dollar index edged higher to 97.9, having hit 96.25 in late April.
• The gold price is increasingly vulnerable to a move higher in the dollar, with US Treasuries also selling off this morning, lifting yields.
• Higher US Treasury yields reflect concerns over inflation driven by fuel prices, with crude rallying this morning.
• Elsewhere, Bloomberg reports Modi has called on Indians to limit gold purchases over the coming year to support FX reserves.
• In the mining sector, China’s Zhaojin has stated it is planning additional gold mine and project purchases this year, with a focus on Africa.
• Chinese buyers have been a key theme in the current gold bull run, with both the Chinese central bank and retail/institutions buying heavily, combined with state-backed mining companies paying high premiums for undeveloped and producing gold assets.

IG TV Gold report: https://youtu.be/PliTL-z0n54?si=HvvFdldYY7oHK7s7

Delta Gold Technologies - The Quantum Revolution: Why it Matters?

Quantum computing is emerging as a strategically important technology—one that could redefine competitive advantage across industries.

• See film for further details: https://invest.investorshub.com/innovationreport/#lp-pom-video-1270



Currencies

US$1.1769/eur vs 1.1744/eur previous. Yen 157.07/$ vs 156.80/$. SAr 16.432/$ vs 16.453/$. $1.360/gbp vs $1.358/gbp. 0.724/aud vs         0.722/aud. CNY 6.796/$ vs 6.804/$.

Dollar Index 98.02 vs 98.13 previous.

Economics

US – Washington rebuffs Iran’s response to the latest US peace proposal as “unacceptable” sending oil prices higher.

• “I have just read the response from Iran’s so-called “Representatives”,” Trump said.
• “I don’t like it — TOTALLY UNACCEPTABLE!”
• No comments were provided on details of the Iran’s response.

Labour numbers released last Friday came ahead of estimates in April

• Slower hiring in construction and manufacturing was more than offset by stronger numbers in trade, transportation and utilities.
• NFPs (Apr / Mar / Est): 115k / 185k (revised from 178k) / 65k
• Unemployment (%, Apr / Mar / Est): 4.3%/ 4.3 / 4.3
• Av Hourly Earnings (%mom, Apr / Mar / Est): 0.2 / 0.2 / 0.3
• Av Hourly Earnings (%yoy, Apr / Mar / Est): 3.6 / 3.4 (revised from 3.5) / 3.8

China – Inflation continued to pick up on higher energy prices and logistics disruptions in April.

• Factory gate prices climbed at the quickest pace since the end of pandemic.
• A stark contrast to a long stretch of deflation in the sector seen before.
• Consumer prices have not showed a drastic increase yet suggesting producers may be struggling to pass on higher costs to their customers.
• PPI (%yoy, Apr / Mar / Est): 2.8 / 0.5 / 1.8
• CPI (%yoy, Apr / Mar / Est): 1.2 / 1.0 / 0.9

Chinese energy imports plunge in April with refined product exports cut as the government prioritised domestic consumption.

• Imports of crude and gas were down 20% and 13% from the previous year, respectively.
• Imports of coal were also down (-13%) as the country sourced more domestic supplies instead of higher priced imports.
• The Middle East typically accounts for ~50% of China’s crude imports and nearly a 1/3 of its LNG.
• Exports of reined products like diesel and gasoline fell 38%yoy.

Eurozone – The ECB will hike twice this year as the Iran war lifts inflation expectations higher, according to a Bloomberg survey.

• A revision from a single increase envisaged previously.
• Economists now expect a 25bp increase in both June and September.

India – PM Narenda Modi called on Indians to cut fuel use and unnecessary overseas travel as a major oil importer feels the pinch from ongoing energy crisis.

• Mondi also asked Indians to hold off gold purchases, the second highest import after oil, amid growing trade deficits and weakening rupee.

Iran – Tehran proposed diluting its enriched uranium stockpile and transferring part of it to a third country other than the United States.

• Reports suggest Iran is refusing to dismantle its nuclear facilities
• A core US demand is for the dismantling of the nuclear program and long-term control over enriched uranium.
• Iran appears focused Tehran’s demands for an end to the war in Iran and Lebanon and the lifting of sanctions, in exchange for the “gradual reopening” of the Strait of Hormuz.
• Iran is demanding enriched uranium be returned to its possession if talks fail or if the United States later withdraws from the agreement.
• Tehran also agreed to halt uranium enrichment, but for less than 20 years.
• US forces disabled two Iranian-flagged oil tankers attempting to run the blockade into a Iranian port on the Gulf of Oman
• A US Navy F/A-18 Super Hornet from USS George H.W. Bush disabled the unladen tankers

Lebanon - Next round of talks between Israel and Lebanon scheduled for this week

• Talks to include the Head of Israel’s IDF Strategy Directorate and the Lebanese military attaché in Washington.

Precious metals:

Gold US$4,674/oz vs US$4,709/oz previous

   Gold ETFs 98.6moz vs 98.6moz previous

Platinum US$2,030/oz vs US$2,050/oz previous

Palladium US$1,474/oz vs US$1,504/oz previous

Silver US$80.5/oz vs US$79.7/oz previous

   Silver ETFs 792.5moz vs 791.1moz previous

Rhodium US$9,975/oz vs US$9,950/oz previous

Base metals:

Copper US$13,605/t vs US$13,543/t previous

Aluminium US$3,528/t vs US$3,509/t previous

Nickel US$19,035/t vs US$19,020/t previous

Zinc US$3,413/t vs US$3,441/t previous

Lead US$1,975/t vs US$1,968/t previous

Tin US$54,400/t vs US$54,350/t previous

Energy:

Oil US$104.8/bbl vs US$101.2/bbl previous

• Brent crude oil prices have climbed higher after President Donald Trump rejected Iran’s response to the US peace proposal, which he said was “totally unacceptable”, dashing hopes for a speedy re-opening of the Strait of Hormuz.
• The US Baker Hughes rig count rose 1 to 548 units last week (-30 or -5% y/y), as oil rigs rose 2 to 410 units (-57 y/y) and gas rigs fell 1 to 129 units (+21 y/y), with Texas adding 2 to 240 rigs (-33 y/y) and Louisiana losing 2 to 42 rigs (+12 y/y).
• Saudi Aramco reported 1Q26 production of 12.6mboe/d (84% oil) generating $18.6bn free cash flow and declaring a flat quarterly cash dividend of $21.9bn. The Company commented that its East-West pipeline sharply ramped up following the outbreak of hostilities to reach its maximum capacity of 7mb/d and support exports via Saudi Arabia’s west coast

Natural Gas €44.7/MWh vs€44.5/MWh previous

Uranium Futures $86.0/lb vs $86.0/lb previous

Bulk:

Iron Ore 62% Fe Spot (Singapore) US$111.5/t vs US$110.4/t

Chinese steel rebar 25mm US$483.2/t vs US$479.8/t

HCC FOB Australia US$238.0/t vs US$240.0/t

Thermal coal swap Australia FOB US$133.0/t vs US$134.0/t

Other:

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

NdPr Rare Earth Oxide (China) US$111,464/t vs US$112,432/t

Lithium carbonate 99% (China) US$28,179/t vs US$27,116/t

China Spodumene Li2O 6%min CIF US$2,810/t vs US$2,660/t

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

China Tungsten APT 88.5% FOB US$2,143/mtu vs US$2,283/mtu

China Tantalum Concentrate 30% CIF US$195/lb vs US$193/mtu

China Graphite Flake -194 FOB US$420/t vs US$420/t

Europe Vanadium Pentoxide 98% US$5.9/lb vs US$5.9/lb

Europe Ferro-Vanadium 80% US$28.4/kg vs US$28.4/kg

China Ilmenite Concentrate TiO2 US$251/t vs US$251/t

US Titanium Dioxide TiO2 >98% US$2,799/t vs US$2,799/t

China Rutile Concentrate 95% TiO2 US$1,155/t vs US$1,154/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$3,375.0/kg vs US$3,325.0/kg

China Gallium 99.99% US$400.0/kg vs US$395.0/kg

Europe Molybdenum Oxide 57% US$29.0/lb vs US$29.0/lb

EV & Battery news:

Leapmotor offer T03 lease in Germany for €49 per month

• Chinese automaker Leapmotor is expanding its presence in Germany by offering a €49/m lease plan for its T03 compact EV.
• The lease is half that of other competing compact EVs and is around the same price as many mobile phone plans in Germany.
  • The comparable Fiat 500e has a monthly lease of €99.
• Despite the cost, the T03 comes with many premium features that European automakers often require consumers to pay for as optional add-ons.
• Boosted by Stellantis's sales network and German EV subsidies, Leapmotor's deliveries in Germany surged 358% in the first four months of 2026.

CATL to scale up sodium battery production following record order

• Global leader CATL is set to invest 5bn yuan ($735m) to expand its production line capacity for sodium-ion batteries.
• According to public documents released last week, the expansion will add 40GWh of annual production capacity.
• This is the sixth phase of expansion taking the total capacity to 149GWh.
• CATL recently signed a three-year supply contract, with leading Chinese energy storage system provider HyperStrong, for 60GWh of sodium-ion energy storage.
• According to CATL, the battery performs extremely well in cold conditions and offers significant advantages in system architecture simplification for long-duration energy storage applications.
• CEO Robin Zeng expects this battery to replace 30% to 40% of existing battery market share.



Company news:

80 Mile Plc* (80M LN) – 0.92p, Mkt cap £47m – Drilling approved for new targets at Disko-Nuussuaq.  USFM agreement executed.

• 80 Mile plc have received approval from the Greenlandic regulator to start an initial 5,000m of drilling at Disko-Nuussuaq in West Greenland.
• Forage Fusion Drilling will start using two rigs in the first week of July overseen by SRK Exploration as the Geological Manager supported by Air Greenland.
• USFM: 80 Mile also reports USFM have executed their agreement with 80 Mile Plc with US$7.5m budget approved and funded.
• USFM will fund an initial US$30m to earn up to a 51% legal and beneficial interest in Disko leaving 80 Mile with a 49% free carry.
• 80 Mile Plc retains operational management during the earn in period for US$500,000 cash and a 10% management fee on all expenditure incurred at Disko.
• USFM will bear 100% of all site restoration and rehabilitation costs. 80 Mile can appoint two directors to the board of USFM in due course with follow on rights.
• Disko-Nuussuaq shows mineralisation with similar characteristics to the Norilsk-Talnakh nickel, copper mine with seven magmatic massive sulphide targets identified across the licence area.
  • “coarse grained inter-locking crystals of metal sulphides were observed in hand specimens with an average crystal size of +15cm indicating that the significant accumulation / precipitation times required for formation of large-scale MMS deposits”

Conclusion: We look forward to news on drilling progress at Disko and photographs of the core where sulphide mineralisation is intersected.

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

Atlantic Lithium* (ALL LN) 16.26p, Mkt Cap £130m – Elevra agrees to transfer Ewoyaa rights and obligations for takeover offer by Huayou for US$71m

Zhejiang Huayou Cobalt Co., Ltd (603799 SHA) CNY 68.20, Mkt cap CNY 126bn

Elevra (ELV AU) A$13.74, Mkt cap A$2.3bn

• Elevra, which resulted from the merger of Piedmont Lithium and Sayona Minerals, has agreed to transfer all its Ewoyaa rights and obligations to Zhejiang Huayou Cobalt for US$71m in cash.
  • “Huayou’s acquisition of Elevra’s interest in the Ewoyaa Project is not contingent on Huayou’s acquisition of Atlantic Lithium”
• Elevra will now focus on its core North American assets having removed their ongoing funding commitments on Ewoyaa.
• Atlantic Lithium has provided its consent under an agreement for Elevra Lithium to sell all of its rights and interests in in the Ewoyaa Lithium Project to Zhejiang Huayou Cobalt Co.,
• Elevra currently holds rights to 22.5% of Atlantic’s lithium projects in Ghana including the Ewoyaa project.
• Assuming all regulatory approvals condition are satisfied, Elevra will transfer all of its relevant rights, obligations, title and interests, including its spodumene concentrate offtake rights to Huayou.
• Huayou has agreed that the development costs conditions precedent are deemed to be satisfied or otherwise waived if the agreement is completed,. 
• Huayou will then sole fund the Project's development costs up to the remainder of the sole funding obligations under the project agreement. 
• Atlantic sees the agreement as enabling the full and rapid development of Ewoyaa for the benefit of jobs and local communities in Ghana's Central Region.
  • “The agreement is not conditional upon the Scheme of Arrangement announced by the Company with Huayou on 7 May 2026 being implemented. 
  • Huayou has agreed with Elevra that should within the next 3 months the Scheme Consideration offered under the Scheme of Arrangement change, that the consideration paid under the agreement reflect the same proportional change.”
• Last week Atlantic Lithium reported it has entered into a Binding SID ‘Scheme Implementation Deed’ with Zhejiang Huayou Cobalt with the Directors agreeing an offer of 18.8p/s worth US$210m in cash.
• The Scheme is subject to:
  • An independent expert concluding the Scheme is in the best interests of Atlantic Lithium shareholders;
  • Approval by >75% of Atlantic Lithium shareholders at the Scheme Meeting,
  • Receipt of regulatory approvals from Australian Foreign Investment Review Board, Chinese regulators and the ECOWAS Regional Competition Authority,
  • No Material Adverse Change,
  • Ghana Securities and Exchange Commission waivers, exemptions and clearances in respect of the mandatory takeover requirements under the SEC Code on Takeovers and Mergers,
  • Receipt of a private ruling from the Commissioner-General of the Ghana Revenue Authority,
  • Completion of certain transactions relating to the Company's subsidiary, Barari DV Ghana Limited,
  • Court approvals,
  • Certain other customary conditions.
• The SID contains customary exclusivity provisions, including "no shop", "no talk" and "no due diligence", a notification obligation and a matching right in favour of Huayou
• Break fee: The SID also details circumstances under which a break fee may be required to be paid by either of the parties. The break fee is as yet undisclosed.

Energy Storage System tenders show five-fold increase to 51.1GWh since January 2024 but outpace winning bids by >2:1 in April

• Spodumeme prices continue to rise in China with Spodumene Li2O 6%min CIF trading higher today at US$2,810/t vs US$2,660/t reflecting the continuing ramp up in Li-ion battery manufacturing.
• Battery manufacturers have seen strong growth in monthly tender volumes for ESS ‘Energy Storage Systems’ in China rising to 51.1GWh in April from 28.8GWh in January.
• March saw ESS tenders rise to 38.9GWh in March with winning bids taking up 20.6GWh of the tender offers.
• This represents a five-fold increase on the ESS tenders seen in January 2024.
• ESS winning bid volumes fell sharply in April to 22.6GWh representing less than half the total capacity put out to tender.
• While we might normally be extremely concerned over this sort of supply / apparent demand gap, these tenders are in China and one might expect the Chinese government to ensure any surplus capacity is taken up.

Conclusion: Huayou is pressing ahead with its acquisition of Ewoyaa at breakneck speed.

*SP Angel acts as Nomad to Atlantic Lithium

Delta Gold Technologies - The Quantum Revolution: Why it Matters?

Quantum computing is emerging as a strategically important technology—one that could redefine competitive advantage across industries.

• See film for further details: https://invest.investorshub.com/innovationreport/#lp-pom-video-1270

Empire Metals* (EEE LN) 33p, Mkt Cap £243m – £8m placing to support derisking of Pitfield Titanium Project

• Empire Metals has raised £8m via a placing of 26.7m new shares at 30p/share.
• The raise will take the company’s pro-forma cash position to c.£14.5m.
• Funds will be used to advance the MRE and mine planning workstreams, with metallurgical batch and continuous pilot scale testing planned.
• The MRE upgrade is expected to support both expansion and classification upgrades.
• Additionally, Empire is advancing product development testwork and marketing studies, aimed at delivering a high-value product into the TiO2 pigment and titanium sponge metal markets.
• Empire is also expecting to dual list on the ASX in 2H26.
• Management notes the placing was supported by existing institutional investors.

Conclusion: Empire has strengthened their cash position with an £8m equity raise from existing institutional shareholders. Funds will support further derisking of the large-scale Pitfield titanium project. To us, continuous pilot testing will be a key catalyst in 2026, supporting a derisking of the flowsheet as the Company advances to scoping study and delivers an upgraded MRE. Engagement with downstream industry participants on offtake and marketing will also be crucial in highlighting the economic potential of the Pitfield titanium product.

*SP Angel acts as Nomad and Broker to Empire Metals

Galantas Gold* (GAL LN) 30p, Mkt Cap £173m – C$85m capital raise to support development of gold assets in Chile

• Galantas announces it is raising C$85m at C$0.55/share via the issue of up to 154.6m units.
• The units will consist of one Galantas Share and one-half of one warrant, exercisable at C$0.8/share over 2 years from closing.
• The placing agent will hold the option to issue an additional C$15m worth of units.
• Funds will be used to advance exploration and development work at Indiana and Andacollo, the Company’s recently acquired gold-copper assets in Chile.
• Galantas expects to close the Andacollo transaction in June, with a recently updated MRE announced last week.
• Andacollo MRE:
  • Indicated: 102.4mt at 0.45g/t Au for 1.47moz Au
  • Inferred: 348mt at 0.41g/t Au for 4.54moz Au
  • Total: 450.3mt at 0.42g/t Au for 6moz Au
• The Company also notes that additional gold mineralisation has been identified within the Andacollo Project, which can be potentially accessed via a land access agreement with Teck.
• Andacollo is an historic gold heap leach operation with previous production recorded at 1.12moz Au.
• The project holds existing site infrastructure and local environmental approvals enabling future restart readiness.
• Galantas is aiming to further derisk the Project by improving resource confidence, additional metallurgical testwork and the preparation of a PEA.
• Dewatering of the Andacollo pits is planned to get underway imminently,

Conclusion: Galantas is undertaking a large-scale capital raise to advance its two gold-copper assets in Chile, Indiana and Andacollo. Galantas is aiming to become a multi-asset gold producer in a tier one jurisdiction. Funds will be used to derisk and develop the smaller Indiana underground vein project and the large-scale Andacollo heap leach project. A PEA has been guided for 2Q26 for Indiana, with a PEA also underway for Andacollo. We see Andacollo as the flagship asset for Galantas, with production potential over 90kozpa with competitive capital intensity supported by existing infrastructure. Indiana holds the potential to produce c.15kozpa Au with supportive copper credits from later this year, with drilling underway to target expansion of the existing MRE. Upcoming key catalysts include the closing of the Andacollo transaction and further technical reports due in the coming months.

*SP Angel acts as Broker to Galantas Gold

Hamak Strategy* (HAMA LN) 0.88p, Mkt Cap £4m – 29.53 g/t of gold over 4m in drilling at Akoko, Ghana

• Hamak Strategy report the intersection of 29.53 g/t of gold over 4m in drilling on the Akoko Gold Project in Ghana in the first batch of assay’s from four out of 72 planned drill holes.
• The 4,125m RC drill program has got off to a flying start with:
  •  29.53g/t gold over 4m from 7m
  • 3.15g/t gold over 6m from 64m;
• The results are interpreted as supporting the geological model of wide, near surface gold mineralized horizons
• The drill programme is designed to provide confirmatory and infill information to upgrade the existing estimate of 252,000oz of gold to a JORC resource.
• So far the drillers have completed 16 holes 1,091m to depths of 50-80m drilled at 50 degrees to test the upper oxide gold mineralization at Akoko with samples logged every meter down hole and assayed by SGS in Tarkwa.

​*The SP Angel analyst holds shares in CAA Mining which may gain shares in Hamak Strategy

Ionic Rare Earths (IXR AU) A$0.29, Mkt Cap A$67m – Recycled REOs used in rotors for Ford under the CLIMATES Project

• The Company reports successful production of rotors using recycled REOs recovered by Ionic Technologies for Ford EV motors.
• Rotors were tested and validated by Ford at its UK facilities.
• “While this is currently a testing project rather than mass production, it confirms that a circular supply chain for rare earth elements is a reality, offering a sustainable path forward without compromising vehicle performance,” Ford commented on results.
• Ionic Technologies, a 100% owned subsidiary of Ionic Rare Earths, recovered key magnet REOs from end of life equipment using its patented long loop recycling tech.
• Recycled REPs were then converted to metal and strip cast alloys to magnet specs by LCM used to manufacture magnets by GKN meeting specs provided by Ford.
• The project was supported by the UK Government’s CLIMATES programme designed to develop circular REEs initiatives for reliable sources of magnets in advanced applications.
• The collaboration involved Ionic Technologies, Less Common Metals (LCM), GKN and Ford UK.

San Lorenzo Gold (SLG CN) C$5, Mkt Cap C$515m – Assays from Arco de Oro extend porphyry gold system substantially

• Chilean gold explorer San Lorenzo Gold reported assay results on Friday from their Arco de Oro target.
• The Company reported assays from holes SAL 09-25 and partial results from SAL 10-25.
• The drilling was targeting the NW extension of the Arco de Oro trend.
• Holes were stepped out 3.9km from previous drilling.
• Assay highlights include:
  • SAL 09-25: 20m at 1.13g/t Au from 212m, 59m at 1.07g/t Au from 238m, 60m at 1g/t Au from 308m, 40m at 0.58g/t Au from 380m, 56m at 0.46g/t Au from 424m, 42m at 0.76g/t Au
  • SAL 10-25: 102m at 1.33g/t Au from 143m (inc. 13m at 2.2g/t Au from 153m), 30m at 1.24g/t Au from 265m and 38m at 2g/t Au from 310m.
• Remaining assay results from hole SAL 10-25 are due, with similar mineralisation encountered to hole SAL 09-25 recorded.
• Management notes potassic alteration strengthens toward the bottom of the hole, noting pyrite-chalcopyrite rich veins from visual analysis.
• Assay results from 5.5 additional holes at Arco de Oro are due, with Phase 7 drilling currently being planned.
• San Lorenzo considers the Arco de Oro system to host a large-scale gold-rich mineralised copper-gold porphyry system.
• Stock rose 60% following the news.

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Analysts

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+SP Angel employees may have previously held, or currently hold, shares in the companies mentioned in this note.

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