SP Angel . Morning View . Monday 16.03.26

MiFID II exempt information – see disclaimer below

80 Mile Plc* (80M LN)  – Trump Junior sees offshore Greenland as hosting more oil and gas than Venezuela

Boliden (BOL STO) – Seismic activity causes rock fall and pressure wave at Garpenberg zinc mine

ECR Minerals (ECR LN)  – Reassignment of royalty interest

EQ Resources (EQR AU) – Interim results as focus on accessing higher-grade lolanthe vein at Mt Carbine

Harena Rare Earths* (HREE LN)  – BUY, 9.4p – Exclusivity agreement over US REE/Uranium permits

Kendrick Resources (KEN LN)  – Promising results from first hole at the Bonya rare earths project, Namibia

Lynas Rare Earths (LYC AU) – A four year supply agreement including a $110/kg floor price with the US DoW

Mkango Resources* (MKA LN)  – BUY – Commissioning of Inserma units in the US

Metals One (MET1 LN)  – Crystallising profit from CleanTech Lithium investment

Oriole Resources (ORR LN)  – Final assay results from MB01-N, MRE due 2Q26

Panther Metals (PALM LN)  – Resource drilling at the Winston Lake tailings project, Ontario

Perseus Mining (PRU AU) – Sale of Meyas Sand Gold Project for $260m following sustained conflict in Sudan

Gold ($4,975/oz) slides below key level as dollar takes another leg higher

• Gold has now returned to its pre-war levels, edging below $5,000/oz in this morning’s trading.
• The metal had rallied to $5,400/oz as traders positioned for escalating conflict in the Middle East.
• However, a stronger dollar has encouraged a wave of profit taking across metals, with the precious metals complex hit the hardest, silver down 5% this morning.
• The dollar index rose above 100 this morning, as the euro slides on concerns over elevated energy costs.
• The US Treasury sell-off is cooling, with the 10 year yield sliding to 4.26% this morning.
• However, yields remain well-above pre-war levels, having briefly touched 3.94% at the end of February.
• Higher Treasury yields limit the dollar’s appeal, although that correlation had broken down through 2025 amid sustained central bank buying.

Tungsten ($2,526/mtu) – prices continue to soar as US seeks 4,000t

• Tungsten prices rise over $2,525/t according to Chinatungsten.com as the US struggles to buy 4,000t
• But the 10x rise in prices seen in recent years will have an inflationary impact on related supply chains.

• China restricted exports of tungsten in December causing prices to rocket higher to current levels
• The metal is used in machine tools, LED, fluorescent lights and semiconductors as well as missiles, munitions, armour plating.
• Recycling accounts for around 25-30% of global supply. This will need to increase markedly to help meet the growth in demand.
• Recycling is often highly labour intensive but current price levels look likely to overcome this issue.
• Tungsten hexafluoride is also used to connecting transistors in high-performance chips and AI hardware using Chemical Vapor Deposition through the filling of microscopic contact holes and vias while also forming barrier layers that prevent metal diffusion into the silicon substrate.

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Currencies

US$1.1441/eur vs 1.1434/eur previous. Yen 159.30/$ vs 159.48/$. SAr 16.869/$ vs 16.929/$. $1.325/gbp vs $1.326/gbp. 0.701/aud vs 0.702/aud. CNY 6.900/$ vs 6.902/$.

Dollar Index 100.27 vs 100.23 previous.

Economics

US – President Trump warns Nato allies over “very bad” future should members fail to assist in opening up the Strait of Hormuz.

• The administration is adding pressure on its allies to assist its military efforts in the region.
• Separately, Trum told FT that he could delay his summit with China scheduled to take place later this month.
• “It’s only appropriate that people who are the beneficiaries of the strait will help to make sure that nothing bad happens there,” US President said.
• Comments come a day after he addressed China, France, Japan, South Korea and the UK to join a “team effort” to open up transit of energy supplies through the Strait.

Precious metals:

Gold US$4,994/oz vs US$5,073/oz previous

   Gold ETFs 99.7moz vs 99.9moz previous

Platinum US$2,048/oz vs US$2,068/oz previous

Palladium US$1,557/oz vs US$1,598/oz previous

Silver US$79.3/oz vs US$82.0/oz previous

   Silver ETFs 813.1moz vs 813.6moz previous

Rhodium US$11,500/oz vs US$11,500/oz previous

Base metals:   

Copper US$12,720/t vs US$12,819/t previous

Aluminium US$3,422/t vs US$3,464/t previous

Nickel US$17,135/t vs US$17,400/t previous

Zinc US$3,259/t vs US$3,272/t previous

Lead US$1,892/t vs US$1,925/t previous

Tin US$47,630/t vs US$47,685/t previous

Energy:

Oil US$105.6/bbl vs US$102.5/bbl previous

·         Crude prices climbed higher in early trading on reports that the 1mb/d of oil loading operations at the ​United Arab Emirates port of Fujairah have been suspended following a drone attack.

·         The US Baker Hughes rig count rose 2 to 553 units last week (-39 or -7% y/y), as oil rigs climbed 1 to 412 units (-75 y/y) and gas rigs rose 1 to 133 units (+33 y/y), with Louisiana gaining 4 rigs w/w to 40 units (+11 y/y).

Natural Gas €52.0/MWh vs €51.7/MWh previous

Uranium Futures $86.0/lb vs $85.4/lb previous

Bulk:

Iron Ore 62% Fe Spot (Singapore) US$107.5/t vs US$107.7/t

Chinese steel rebar 25mm US$464.3/t vs US$464.0/t

HCC FOB Australia US$220.5/t vs US$222.5/t

Thermal coal swap Australia FOB US$138.5/t vs US$134.3/t

Other:  

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

NdPr Rare Earth Oxide (China) US$116,303/t vs US$115,192/t

Lithium carbonate 99% (China) US$21,739/t vs US$21,879/t

China Spodumene Li2O 6%min CIF US$2,065/t vs US$2,125/t

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

China Tungsten APT 88.5% FOB US$2,313/mtu vs US$2,313/mtu

China Tantalum Concentrate 30% CIF US$224/lb vs US$218/mtu

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

Europe Vanadium Pentoxide 98% US$5.7/lb vs US$5.7/lb

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

China Ilmenite Concentrate TiO2 US$259/t vs US$259/t

US Titanium Dioxide TiO2 >98% US$2,959/t vs US$2,959/t

China Rutile Concentrate 95% TiO2 US$1,138/t vs US$1,137/t

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

Brazil Potash CFR Granular Spot US$380.0/t vs US$372.5/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

Company News:

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80 Mile Plc* (80M LN) – 1.39p, Mkt cap £70m – Trump Junior sees offshore Greenland as hosting more oil and gas than Venezuela

• Donlad Trump junior is on record talking about diversifying US dependence on those who don’t share US interests at a conference in Singapore.
• Trump junior sees “Greenland being a very high-power for minerals and frankly very high power for Oil & Gas, Especially offshore reserves that might exceed Venezuela”.
• While Trump junior is not a reservoir engineer his sentiment may be followed by investors who are interested in the potential of Greenland.
• In further news:.
• The leadership team behind the formation of Greenland Energy Company announced the appointment of Ashiq Merchant as Chief Financial Officer of the post-merger company.
• The company will trade under GLND on Nasdaq after its business combination with Pelican Acquisition Corporation after 17 March.
• Mr Merchant, CFO, will oversee all financial operations and reporting will be looking to unlock the O&G potential of Jameson Land Basin.
• Robert Price, the incoming CEO of Greenland Energy sees the hiring of Ashiq Merchant’s experience as invaluable as they optimize their capital structure to fund the 2026 exploratory drilling program.
• Merchant brings >25 years of senior multinational financial leadership at BP
• Further info:
• “Greenland Exploration Limited and March GL Company are currently in the process of a business combination with Pelican Acquisition Corporation. The transaction aims to create a publicly traded energy company focused on enhancing global energy security through the responsible development of Greenland’s natural resources.”
• “Greenland Exploration Limited is a Texas-based entity focused on developing strategic positions in North American energy assets. Through its partnerships, Greenland aims to deliver long-term shareholder value in a dynamic and evolving energy market.” https://www.linkedin.com/company/greenland-energy-company
• “March GL Company, a privately-owned Texas Corporation, entered into an agreement with 80 Mile for drilling to commence at the Jameson oil and gas basin in Greenland. March GL will fund 100% of the costs associated with up to two exploration wells, which are designed to delineate the sedimentary structure and energy potential of the Jameson Land Basin. In return, March GL will earn through 80 Mile’s subsidiary company up to 70% interest in the entire basin. March GL Company will be appointed as the Field Operations Manager. More information is available on its website www.MarchGL.com.”
• “Pelican Acquisition Corporation is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. Pelican is not limited to any particular industry or geographic region in identifying prospective targets..”
• Pelican Acquisition Corporation is a ‘SPAC’ with US$80m cash. Shareholder approval is determined on 17th March. If approved, funds will be used for drilling creating a combined market cap of around 300m on the first day of trading.
• The prospects could potentially host the largest un-drilled basin in the world with substantial prospective resources of extractable.

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

Boliden (BOL STO) SEK610.6, Mkt cap SEK177bn – Seismic activity causes rock fall and pressure wave at Garpenberg mine

• Boliden report the injury of four men from a pressure wave resulting from a rockfall at the Garpenberg mine
• Abnormal levels of seismic activity sparked rock fall and the related pressure wave caused the evacuation of the mine for safety.
• “The seismic activity has not yet returned to a level where inspections of the mine can be carried out. “
• “Production at the mine will gradually resume after the inspection of infrastructure and mining positions has been completed, however, the timing of this cannot be determined at this time.”

ECR Minerals (ECR LN) 0.27p, Mkt Cap £8.9m – Reassignment of royalty interest

• ECR Minerals draws attention to an agreement between Leviathan Metals and TSX listed Au Gold Corporation regarding Leviathan’s agreement to sell its Timor Gold project in Victoria to Au Gold.
• ECR Minerals confirms that it “has consented to an assignment of the royalty interest that it holds over the Timor Gold project” which comprises its Avoca and Timor licences in Victoria.
• The company’s royalty totals up to A$2m with A$1m on a A$1/oz of @Measured, Indicated or Inferred’ gold equivalent resources up to 1moz and a further A$1/oz on future production of up to 1m oz.
• Today’s announcement confirms that “Aside from providing consent for the assignment of the royalty, the Company is not directly involved in the transaction … [and that ECR Minerals has secured] … appropriate warranties and indemnities to ensure the continued performance of the royalty arrangements previously agreed with Leviathan Metals Corp”.
• Chairman, Nick Tulloch described the Avoca and Timor licences as “a potentially valuable legacy asset … [which requires] … no further capital investment from ECR, meaning any future payments would represent a direct financial benefit to the Company”.

EQ Resources (EQR AU) A$0.36, Mkt Cap A$1.8bn – Interim results as focus on accessing higher-grade lolanthe vein at Mt Carbine

• Tungsten producer EQ Resources reports its half year results to December 2025.
• The Company mined 4.6mt over Mt Carbine and Barruecopardo over the period, of which 772kt was ore.
• Company produced 67.1kmtu from the two operations from 71.5kmtu the prior period.
• Mt Carbine feed grade fell to 0.13% from 0.18% whilst Barruecopardo feed grade fell to 0.21% from 0.224% with recoveries at 73% and 57% respectively.
• Company notes the decrease in production reflects the transition to processing low-grade stockpile material at Mt Carbine.
• EQ is focused on unlocking the high grade lolanthe vein system at Mt Carbine, which is due in 3QFY26.
• EQ has commissioned a third ore sorter at Barruecopardo to boost processing capacity and improve recoveries.
• Management notes the return to positive operating cash flow in 2Q26, with the quarter ending 31st December generating A$1.15m in cash.
• Company notes tungsten market fundamentals strengthened further in 1HFY26 amid ongoing tight supply conditions and limited spot availability.

Harena Rare Earths* (HREE LN) 4.0p, Mkt Cap £27m – Exclusivity agreement over US REE/Uranium permits

BUY – 9.4p

• Harena signed an exclusivity agreement to evaluate the potential acquisition of a 100% interest in Paradigm Critical Minerals, an owner of heavy rare earth and uranium exploration assets in San Bernardino County, California.
• The agreement allows the Company to carry technical, legal and commercial due diligence before deciding whether to proceed with a definitive transaction.
• The license area is located within a well-established and highly regarded mining district in the County, ~100 miles from MP Materials rare earth mining operations.
• The area was historically developed as a gold/silver operation.
• Later licenses were drilled for uranium with  >4,200m of drilling competed on the property.
• Initial exploration work identified strong geological analogies with intrusive-related uranium deposits like the Bancroft district in Canada, the Midnite Mine in the U.S., and the Rössing and Husab mines in Namibia.
• Selected results included 30m at 0.37% U3O8e.
• More recent grab samples returned up to ~2.0% TREO, with pXRF readings between 0.5–7.2% TREO, including elevated HREEs such as yttrium, dysprosium and gadolinium.
• The area remains largely underexplored and has not been subject to a modern systematic exploration programme implying a potential for further upside.

Conclusion: The exclusivity agreement allows Harena to evaluate an early stage US-based heavy rare earth and uranium project located in a well-established mining district near Mountain Pass. The potential transaction may diversify the portfolio from the current single asset status and broaden Harena exposure to critical minerals supply chains.

*SP Angel acts as Broker for Harena

Kendrick Resources (KEN LN) 2.65p, Mkt Cap £7.2m – Promising results from first hole at the Bonya rare earths project, Namibia

• Kendrick Resources reports drilling results from its Bonya rare earths project in Namibia.
• Drilling, at the Teufelskuppe rare earth carbonatite target comprised a single hole, TW DD-001 completed at 80.66m depth and finished in mineralisation.
• Today’s announcement explains that the intersection of “48.66m of mineralisation over an 80.66m drill hole length provides compelling proof of continuity of mineralisation at depth … [and that] … average TREO and LREO wt% grades for all mineralisation in TWDD001 reported as 4.18% … [Total Rare Earth Oxides -TREO] … and 4.10 wt% … [Light Rare Earth Oxides -  LREO] … respectively”.
• Chairman, Colin Bird, described the results as “extremely impressive and as good a start as the Company could wish for”.
• Mr. Bird said that “Grade is important, but tonnage is also a key factor and whilst it is too early to responsibly forecast tonnage the indications are that between Teufelskuppe and our neighbouring Keishohe carbonatite complex we have the potential to develop tonnages equal if not greater than the more outstanding projects currently in production or development”.
• He confirmed that further drilling is about to start “to build up a resource and we plan to employ a second rig for reconnaissance drilling at both Teufelskuppe and Keishohe”.

Conclusion: Promising results from an initial hole at Bonya have prompted plans for further resource drilling and the deployment of a second rig for reconnaissance of neighbouring targets.

Lynas Rare Earths (LYC AU) A$21, Mkt Cap A$22bn – A four year supply agreement including a $110/kg floor price with the US DoW

• The Company signs a binding LOI with the US Department of War over REO supply agreement.
• The DoW will allocate ~US$96m to purchase light and heavy rare earth oxides from the Company.
• The $110/kg NdPr floor price was agreed, in line with the previous deal struck with MP Materials mid last year.
• It is a four year contract.

Mkango Resources* (MKA LN) 48p, Mkt Cap £169m – Commissioning of Inserma units in the US

BUY

• HyProMag USA, a 50/50 JV Maginito/CoTec (Maginito is owned 79/21 Mkango/CoTec), announces commissioning of the Inserma pre-processing system at ILS (Intelligent Lifecycle Solutions) facilities in Williston, South Carolina.
• ILS, a global recycling business processing electronic waste, will be supplying feedstock for HyProMag rare earth magnet recycling and manufacturing facilities in Dallas-Fort Worth Texas.
• The Williston facility will pre-process scrap for subsequent recovery of NdFeB magnets from end of life HDDs and other electronic equipment using patented HPMS tech.
• The facility currently includes two automated mobile skid-mounted Inserma units that separate magnet assemblies at ~3s/drive each.
• Each unit can process >30,000 HDDs per week on a single shift.
• The announcement follows the news last week that a second Inserma unit was commissioned at HyProMag magnet recycling and manufacturing facilities in Birmingham, UK.  

Conclusion: The commissioning of the Inserma system represents an important milestone in establishing rare earth magnet recycling platform in the US. The platform is positioned to support a scalable domestic supply chain for recycled NdFeB magnets critical for a number of industries including EVs, renewables, robotics, advanced electronics and defence among others.

*SP Angel acts as nomad and broker to Mkango Resources

Metals One (MET1 LN) 1.78p, Mkt Cap £19m – Crystallising profit from CleanTech Lithium investment

• Metals One confirms the partial sale of its interest in CleanTech Lithium.
• The sale of 7m shares realised £0.91m leaving Metals One with a 2.88% interest (~5.9m shares) and generated “a 159% profit on the Company's weighted average share purchase price … [since it] … made its first investment in CleanTech Lithium in August 2025”.
• In addition to its residual shareholding, Metals One retains 20m warrants exercisable at 6p and expiring in August 2030.
• Managing Director, Daniel Maling, acknowledged the progress CleanTech Lithium has made at its Laguna Verde project in Chile and said that “After releasing some additional profit to satisfy market demand, Metals One retains significant upside exposure to the next phase of Laguna Verde through shares and warrants”.

Oriole Resources (ORR LN) 0.31p, Mkt Cap £15m – Final assay results from MB01-N, MRE due 2Q26

• Oriole, who are exploring for gold in Cameroon, report additional assay results from their 50% owned Mbe project.
• The company reports final results from drilling at the MB01-N target.
• MBDD039: 56m at 0.99g/t Au from 4.7m (inc. 15m at 2.03g/t Au), 24m at 0.47g/t Au from 94m
• MBDD038: 21m at 1.22g/t Au from 118m (inc. 7m at 2.09g/t Au), 9m at 0.87g/t Au from 82m
• MBDD036: 4m at 0.52g/t Au from 74m and 4m at 0.31g/t Au from 4.5m
• Hole MBDD036 is believed to have extended the mineralised system 700m in a north-south direction.
• Oriole will now prepare a JORC MRE for the MB01-N target, due in 2Q26.
• Oriole and their partner BCM are now beginning a 2,500m step-out drilling programme at MB01-S, to add to the 870koz Au MRE.
• Mineralisation is noted predominantly in sulphide-telluride veinlets, with Oriole currently exploring pressure oxidation and cyanide leaching at its Bibemi project, which has similar metallurgical properties.
• Sulphide-telluride mineralization is strongly considered to be refractory from a mineral processing perspective.
• Gold telluride ores are classified this way because the gold is chemically bound with tellurium rather than existing as free-milling native gold, making it poorly amenable to direct cyanide leaching.
• Oriole has guided to c.85% recoveries from its Bibemi project to the north.

Panther Metals (PALM LN) 85p, Mkt Cap £7.1m – Resource drilling at the Winston Lake tailings project, Ontario

• Panther Metals reports the completion of its vibracore drilling programme at its Winston Lake tailings project in Ontario.
• The programme, for resource estimation, “exceeded expectation reaching a maximum vertical thickness of tailings (below ice and water) of 16.8m and with an average vertical thickness of 8.7m”.
• The drilling from 109 locations in a grid across the tailings area covered an area of 904m x 230m at “a nominal spacing of 50m along east-west fence lines spaced at 25m north-south”.
• The drilling will feed into a mineral resources estimate (MRE) “to advance the Winston Tailing Project towards a cashflow proposition … [which] … will be based upon the resource sampling programme, mineralogical and metallurgical testwork and associated studies”.
• The Winston Lake mine operated for ten years until closure in 1998 and is reported to have produced 3.3mt of zinc/copper/silver and gold bearing ore and Panther Metals is evaluating the potential to develop what it believes is “a significant quantity of valuable material … in the tailing storage facility”.

Perseus Mining (PRU AU) A$5.1, Mkt Cap A$7bn – Sale of Meyas Sand Gold Project for $260m following sustained conflict in Sudan

• Perseus reports it has sold its 70% interest in the Meyas Sand Project in Sudan.
• A subsidiary of Zhejiang Lygend will pay a cash consideration of $260m for the asset.
• Zhejiang Lygend will pay $10m up front and a $250m payment on completion of the transaction, due 22nd April 2026.
• Zheijing operate HPAL and RKEF nickel operations in Indonesia and is ‘rapidly expanding its presence in other metals across Central Asia, Africa and the Pacific Islands.’
• Perseus states funds from Meyas Sands reflects portfolio optimisation and allows allocation of resources to core assets and its growth strategy.’
• Meyas Sands Gold Project 2025 MRE:
• 80mt at 1.3g/t Au and 1.7g/t Ag for 3.3moz Au and 4.4moz Ag Indicated
• 18.5mt at 1.2g/t Au and 1.6g/t Ag for 711koz Au and 936koz Ag.
• 80mt at 1.11g/t Au in Reserves for 2.9moz
• Perseus undertook a strategic review over the asset given the protracted armed conflict in Sudan and its ability to advance development.
• Management also notes it will consider additional capital returns to shareholders with the funds.

Conclusion: Peseus further boosts its cash position ($755m as of 31st December) with the sale of the Meyas Sand gold project to Chinese nickel group Matrix. With Perseus failing to acquire Predictive Discovery last year, it is expected that the healthy cash position and strong balance sheet will be used to acquire similar scale assets in Africa. We see Turaco Gold, WIA Gold and Kefi Minerals as three potential targets as management looks to sustain its 500kozpa production profile over the longer term.

*SP Angel acts as Nomad and Broker to Kefi, SP Angel analyst(s) hold shares in Turaco Gold and WIA Gold

LSE Group Starmine awards for Reuters Polls 2025 / 2024 commodity forecasting:

No1 for Precious Metals: CY 2025

No.1 in Precious Metals: Q1 2025

No.1 in Precious Metals: CY 2024

No.2 in Base Metals: CY 2024

Analysts

John Meyer –John.Meyer@spangel.co.uk – 0203 470 0490

Simon Beardsmore – Simon.Beardsmore@spangel.co.uk – 0203 470 0484

Sergey Raevskiy –Sergey.Raevskiy@spangel.co.uk - 0203 470 0474

Arthur Parish – Arthur.Parish@spangel.co.uk – 0203 470 0476

Sales

Richard Parlons –Richard.Parlons@spangel.co.uk - 0203 470 0472

Abigail Wayne –Abigail.Wayne@spangel.co.uk - 0203 470 0534

Rob Rees –Rob.Rees@spangel.co.uk - 0203 470 0535

Grant Barker – Grant.Barker@spangel.co.uk – 0203 470 0471

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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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