SP Angel . Morning View . Monday 20.04.26

MiFID II exempt information – see disclaimer below

Andrada Mining (ATM LN)  – US$11m fundraising to finance growth in Namibia

Beowulf Mining* (BEM LN)  – Swedish government to advance key Inlandsbanan rail

Botswana Minerals (BMIN LN)  – Initial exploration targets identified in Botswana

Caledonia Mining (CMCL LN) – 2026 production guidance maintained after a challenging Q1

ECR Minerals (ECR LN)  – Proposed acquisition of Palaeogold

Enegex Ltd* (ENX AU) – Positive early results from Tougbe

Ferrexpo (FXPO LN)  – Sale of transhipping vessel

First Development Resources (FDR LN)  – Approval for drilling at Lander West, NT

Great Southern Copper (GSCU LN)  – Drilling at Piedras Blancos

Many Peaks (MPK AU) – 1.3moz at 1.54g/t Au maiden MRE, PFS due 4Q26

Phoenix Copper* (PXC LN)  – Progress of engineering and financing of Empire in following dismissal of former Chairman and CFO

Power Metal Resources* (POW LN)  – Badger Lake drilling results boost geological understanding of target anomalies

Rome Resource (RMR LN)  – £1.2m fundraising to progress DRC drilling and MRE update

Vulcan Energy (VUL AU) - €40m Siemens supply agreement

Gold ($4,793/oz) pares ceasefire gains as tensions remount in Middle East

• Gold prices rallied sharply on Friday in the wake of Trump and Iran’s announcement of a reopening of the Straits of Hormuz.
• The metal climbed to recent highs of $4,884/oz, before paring gains.
• The gold price sold off sharply to $4,750/oz on news that the US had seized an Iranian vessel in the Gulf of Oman, with Iran promising retaliation.
• Importantly, gold is gradually breaking away from previous weakness on escalation in Iran, with buyers steadily accumulating on weakness.
• The sharp retracement to $4,100/oz in March following an overenthusiastic bullion market reflected a sharp influx of retail and speculative capital through February.
• This was compounded by distressed selling from Turkey in a bid to prop up the Lira.
• Gold is resuming its upwards momentum as investors and central banks look to key longer term themes of foreign reserve diversification and concerns over elevated budget deficits.

DRC – 100-year old mining maps in Belgum museum but curators not hurrying to help (Sunday Times)

• Researchers of the Africa Museum in Tervuren, Belgium are holding up work by KoBold Metals for the digitising of information on mineral deposits in the DRC.
• The museum’s chief geologist has access to documents, including some 25,000 maps, highlighting the discovery of critical metals by Colonel Josué Henry who mapped the geological resources of the Congo Free State after King Leopold II seized the region 1885.
• KoBold claims to have been asked by the DRC to help it to digitise the files and make them public and has accused the museum which is refusing access to the documents for digitisation of being disingenuous.
• The DRC has mineral deposits estimated to be worth $24tn.

ii Mining Insight videos from Cape Town:

• Mining Insights: global trends in critical metals
• Rare earth metals: what investors should know
• Critical minerals: China and Trump
• Outlook for gold and silver price

IG TV commodities: https://youtu.be/oE6-k3hQDsM?si=sXBMY_UOZpvMP8EA

IG TV Oil&Gas: https://www.youtube.com/watch?v=FlMVGvbgE9o

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Currencies

US$1.1763/eur vs 1.1795/eur previous. Yen 158.88/$ vs 158.83/$. SAr 16.387/$ vs 16.349/$. $1.351/gbp vs $1.357/gbp. 0.715/aud vs 0.718/aud.

CNY 6.819/$ vs 6.817/$. Dollar Index 98.20 vs 98.01 previous.

Economics

Latest Chinese rare earth magnets and materials shipments data show exports to Japan hit a nine month low. (Bloomberg)

• Volumes of magnets shipped to Japan totalled 184t (-17%mom).
• Volumes of intermediate materials including oxides fell nearly 90%.

US – Tehran kept the Strait of Hormuz closed over the weekend calling for the US to lift its Naval Blockade.

• On Sunday, the US navy attacked and seized an Iranian vessel called Touska.
• Iran promised to retaliate with local media saying that drones have attacked US ships.
• President Trump said that a US delegation is en route to Pakistan for another series of peace talks due to resume Monday evening.
• Iran earlier said that it had no plans to attend on the back of the “continuation of the so-called naval blockade, violation of the ceasefire and threatening US rhetoric".
• A two week ceasefire period is due to expire on April 22.
• Brent climbed to over $95 (+6%) on the news gaining back most of its Friday losses when US and Iran agreed reopening of the strait.
• S&P and Nasdaq futures pulled back (-0.6% both) after hitting record highs on Friday

China – Authorities maintained its benchmark lending rates at record lows for an 11th consecutive month.

• 1y and 5y loan prime rates were kept at 3.0% and 3.5%, respectively, in line with market expectations.

UK – Calls for Sir Keir Starmer resignation grow amid Peter Mandelson vetting scandal. (FT)

• PM would make a statement in the House of Commons later today explaining how Mandelson was approve for the US ambassador role despite failing security vetting.
• Starmer who rejected calls to resign will suggest that he was not aware of the vetting verdict and argue Sir Olly Robinson did not disclose details to him.
• Robinson who was fired as the head of the Foreign Office over the scandal will provide his recollection of events on Tuesday.

Bulgaria – Rumen Radev and his Progressive Bulgaria (PB), a leftist political party, is expected to take more than 43% of the vote securing a majority in the parliament. (FT)

• PB is predicted to win 129 seats of total 240.
• Radev stepped down a president in January to lead general elections following anti-graft protests that took down the previous cabinet controlled by the centre right GERB.
• GERB led by former PM Boyko Borisov was expected to win just 40 seats.
• Its junior partner, the DPS party of US and UK sanctioned oligarch Delyan Peevski was to win 23 seats.
• That was the eight snap election in the country in the last five years.
• Radev is reported to be closer to Russia than any other Bulgarian premier marking the first time that the majority in the parliament will not be pro European for the first time in the nation’s modern history.
• Bulgaria is a Eurozone member (2026) and part of NATO (2004).

Iran – Tehran claims it has received intelligence information indicating that the US and Israel are preparing for a surprise attack on Iran

• Senior Iranian officials suspect the US may launch an attack on Iran even before the ceasefire ends on Tuesday night (Axios).
• Iran’s Khatam Al-Anbiyaa Central Headquarters announces it will respond to the US attack on an Iranian commercial vessel (USIR)

Conflict escalates as US destroyer enforces blockade on Iranian vessels

• US forces have disabled, boarded and seized Iranian-flagged vessel M/V Touska in the Arabian Sea.

Peace agreement:  Iranian state TV reports: “Iran does not currently plan to participate in further talks with the United States”.

• Framework of potential peace agreement with Iran is now in place with negotiations progressing according to Trump.
• The US initially pushed for 20 years, while Iran wanted a shorter period, with both sides appearing to converge on a middle ground.
• Part of the plan would involve converting enriched uranium into fuel, making it much harder to reverse back into weapons-grade material.
• However, the uranium would likely remain inside Iran — a point that raises concern in Israel.
• The framework also includes full international inspections of nuclear sites, as well as guarantees tied to navigation through the Strait of Hormuz.
• Beyond the nuclear issue, the deal reportedly includes broader components: ending the current conflict, a withdrawal of US forces from the Gulf, and the lifting of economic sanctions on Iran.
• US Vice President, JD Vance will not attend the latest round of talks in Pakistan due to security concerns.
• Dan Diker, President of the Jerusalem Center for Public Affairs, assesses that the confrontation with Iran is far from over, stating that the conflict has effectively been ongoing since 1979.
• Diker characterizes the Iranian regime as theological and apocalyptic, operating through deception as a consistent strategy to advance its objectives.
• There is a very high likelihood of a return to a military campaign in the near term, potentially in full coordination with Israel.

Azerbaijan - A terrorist network was thwarted a few weeks ago in Azerbaijan while advancing plans to attack the BTC oil pipeline.

• The BTC pipeline runs through Georgia and Turkey. The terror network was also planning to target Jewish institutions in Azerbaijan (Mossad).
• The Azerbaijan authorities arrested members of the cell while they were carrying explosive drones and shrapnel charges.
• The cell had gathered intelligence on its targets through physical surveillance and photography, under the direct instruction of handlers in Iran (Mossad).

Precious metals:

Gold US$4,796/oz vs US$4,820/oz previous

   Gold ETFs 99.2moz vs 98.9moz previous

Platinum US$2,081/oz vs US$2,133/oz previous

Palladium US$1,545/oz vs US$1,590/oz previous

Silver US$79.7/oz vs US$80.1/oz previous

   Silver ETFs 800.9moz vs 800.7moz previous

Rhodium US$10,100/oz vs US$9,950/oz previous

Base metals:   

Copper US$13,259/t vs US$13,320/t previous

Aluminium US$3,536/t vs US$3,663/t previous

Nickel US$18,175/t vs US$18,340/t previous

Zinc US$3,423/t vs US$3,422/t previous

Lead US$1,963/t vs US$1,962/t previous

Tin US$50,175/t vs US$50,095/t previous

Energy:

Oil US$95.6/bbl vs US$95.5/bbl previous

Natural Gas €40.7/MWh vs €42.0/MWh previous

Uranium Futures $87.0/lb vs $86.2/lb previous

Bulk:

Iron Ore 62% Fe Spot (Singapore) US$106.7/t vs US$106.3/t

Chinese steel rebar 25mm US$471.6/t vs US$471.4/t

HCC FOB Australia US$231.0/t vs US$232.0/t

Thermal coal swap Australia FOB US$121.5/t vs US$125.0/t

Other:  

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

NdPr Rare Earth Oxide (China) US$116,576/t vs US$114,051/t

Lithium carbonate 99% (China) US$24,635/t vs US$23,617/t

China Spodumene Li2O 6%min CIF US$2,325/t vs US$2,200/t

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

China Tungsten APT 88.5% FOB US$2,443/mtu vs US$2,443/mtu

China Tantalum Concentrate 30% CIF US$218/lb vs US$223/mtu

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

Europe Vanadium Pentoxide 98% US$5.8/lb vs US$5.8/lb

Europe Ferro-Vanadium 80% US$28.8/kg vs US$28.8/kg

China Ilmenite Concentrate TiO2 US$250/t vs US$253/t

US Titanium Dioxide TiO2 >98% US$2,799/t vs US$2,759/t

China Rutile Concentrate 95% TiO2 US$1,151/t vs US$1,152/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$397.5/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

European automakers pivot to range-extender EVs amid demand slowdown

• Volkswagen, Renault, BMW are among the European automakers exploring range-extender EVs (REEVs) to counter weaker EV demand and consumer “range anxiety.”
• REEVs combine battery electric drivetrain with small ICE generator, enabling electric driving without full reliance on charging infrastructure.
• REEVs are viewed as mid-point between current hybrid-electric vehicles and EVs, with smaller batteries meaning lower costs and reduced raw material needs.
• REEVs has seen rapid growth in China, despite the technology being originally developed in Europe, so the gap to bridge to Chinese rivals is not as great as with EVs.
• Renault are set build mid-sized EVs on a new platform that will have a 750km range as a fully-electric EV vehicle or 1400km as an REEV.
• The big uncertainty for the car industry is how long consumers will want REEVs before switching to fully-electric.
• Transport & Environment, the clean transport campaign group, view REEVs as "a costly detour," with director Lucien Mathieu saying, "If REEVs replace current hybrids or combustion engines then it would be a win, but if they replace EVs then it would be a big loss."

Company News:

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Andrada Mining (ATM LN) 3.85p, Mkt cap £79m – US$11m fundraising to finance growth in Namibia

• Andrada Mining reports that it has raised US$11m (~£8.1m) via the placing of ~226m sghares at a price of 3.6p/share.
• We estimate that the additional shares represent around 10% of the enlarges company.
• In conjunction with production increases and the benefits of “he high commodity price environment … [the placing ] … provides the pathway for the Company to complete its expansion programme at Uis, with the exploration programmes at Lithium Ridge and Brandberg West already funded by strategic partners SQM and BWCAM”
• The proceeds “will be used to accelerate production growth at the Uis operation by funding key operational upgrades and expansion initiatives, including the installation of additional crushing capacity to increase throughput, accelerated stripping activities to access ore more quickly, and updates to resource and reserve estimates”.
• Today’s announcement confirms that the placing “completes the current equity financial requirements for the Group”.

Conclusion: Andrada is now funded to complete the expansion of its Uis mine in Namibia and for its current exploration plans at Brandberg West at its lithium projects,

Beowulf Mining* (BEM LN) 7p, Mkt Cap £4.5m – Swedish government to advance key Inlandsbanan rail

• Beowulf highlights recent Swedish government announcements regarding the Inlandsbanan rail.
• The Government has confirmed that the Inlandsbanan corridor is a priority for national rail infrastructure investment.
• Government minister Andreas Carlson confirmed support for the Project last week, noting that £2.4bn would be committed to critical infrastructure.
• The expansion of the Inlandsbanan railway, which sits 40km from Beowulf’s Kallak iron ore project, would provide key infrastructure advantages to the Project.
• The transportation route would offer Kallak a low-cost transportation route to market and significantly reduce OPEX on a per unit basis.
• In the meantime, Beowulf and Jokkmokk Iron are advancing technical, permitting and stakeholder workstreams.

*SP Angel acts as Nomad and Broker to Beowulf Mining, An SP Angel analyst recently visited Kallak

Botswana Minerals (BMIN LN) 0.26p, Mkt Cap £4.2m – Initial exploration targets identified in Botswana

1. Botswana Minerals reports that, aided by AI analysis, it has identified initial priority exploration targets within its two licences (458 & 459) in Ngamiland, north west Botswana.
2. The targets include:

• A 9.5km long copper target east of a major fault structure; and
• A mapped silver anomaly extending “around 20 km … across a key fault zone”; and
• “A core zone of lead-zinc mineralisation, about 2.4 km long, has been identified within a larger trend to the west” as well as
• Several possible deposit types … including Irish type (MVT), carbonate replacement, hydrothermal, and potential skarn systems”

1. Today’s announcement confirms that the “next stage of work will include more detailed magnetic and gravity data analysis, additional geochemical testing, integration of hyperspectral satellite data, and a full review of historical drilling records … to strengthen the geological interpretation”.
2. Describing the initial results as “good … [Chairman, John Teeling, said … Our objective is simple and clear. Identify drill targets”.

Caledonia Mining (CMCL LN) 1,890p, Mkt Cap £374m – 2026 production guidance maintained after a challenging Q1

• Caledonia Mining reports Q1 production of 14,767oz of gold from its Blamket mine in Zimbabwe (Q1 - 2025 18,671oz) with the lower output attributed to the planned mining sequence restricting access to higher grade and higher volume working areas as well as “equipment availability issues and challenging ground conditions”.
• The access issues are being addressed with an increase of the shift allocations from “six to seven days per week … [as well as the use] … of a contractor to accelerate access to higher grade ore sources”.
• Today’s announcement confirms the planned “commissioning of an additional ball mill in the second quarter of 2026” to expand milling capacity while also confirming that “ Caledonia remains comfortable with Blanket's full‑year production guidance of 72,000 to 76,500 ounces, with Blanket's gold production expected to be weighted towards the second half of the year”.
• CEO, Mark Learmonth, commented that the “challenges experienced in the first quarter do not reflect the underlying quality of the orebody or the long‑term fundamentals of the operation. Blanket remains a resilient, cash‑generative asset, supported by a capable and committed workforce and a processing plant that continues to perform reliably and where we are growing capacity”.

Conclusion:

The Blanket mine experienced a decline in Q1 output resulting from mine sequencing issues restricting access to higher grade, more productive areas as well as the effect of equipment availability and the impact of ground conditions. The company is maintaining full year production guidance as it implements additional working and uses contractors to gain access to higher grade areas more quickly.

*SP Angel mining analysts have visited Caledonia’s mining operations in Zimbabwe

ECR Minerals (ECR LN) 0.27p, Mkt Cap £9.1m – Proposed acquisition of Palaeogold

• ECR Minerals reports the proposed acquisition of Palaeogold in an all share transaction with 3 tranches, each of 207m shares.
• The first block of shares to be issued on completion, the 2nd when ECR earns “not less than A$5 million of revenues from … [Palaeogold’s] … Lucky Strike, the Salt Bush” and Tuckanarra projects.
• The 3rd payment is payable“on the second anniversary of the Acquisition subject to ECR earning not less than A$10 million of cumulative revenues from the Paleogold Projects”.
• The acquisition “is subject to 90% acceptances from the Paleogold shareholders”.
• The principal assets being acquired are:
• The 1.8moz (Inferred) underground resource at Madden’s Flat in northern Queensland; and
• The 0.65m oz (Inferred) underground resource at the Brothers mine also in Queensland; and
• A 0.29moz (Inferred) underground resource at the You-Can-Tell-Us mine in Queensland; and
• The Salt Bush gold project in South Australia; and
• An 80% interest in the Tuckanarra project near Cue, WA.
• Chairman, Nick Tulloch, said that the acquisition would result in ECR Minerals holding “10 projects across four states in Australia … [and becoming] … a diversified gold mining business with the potential for gold production across multiple sites”.

Enegex Ltd* (ENX AU) A$0.27, Mkt Cap A$80m – Positive early results from Tougbe

• Enegex, a Cote d’Ivoire gold explorer, led by Paul Roberts, provides an update on its new AW1 Prospect at Tougbe.
• The prospect sits along a NE trending structure with 500m strike of artisanal workings.
• Enegex has sampled 36 pits, with average values of 1.26g/t Au and highlight values of 7.8g/t Au, 3g/t Au and 1.75g/t Au.
• Management sees potential for disseminated gold mineralisation, noting gold within saprolite without quartz veining.
• The team has now completed a 19 hole, 661m angled AC drilling programme to follow up on anomalous gold results.
• Additionally, Enegex has completed 12 additional AC holes at Kalama Brave over 369m, targeting the limits of previous drill coverage to test for extensions to known mineralisation.
• The AW1 Prospect lies 4.5km from Kalama Bave, which returned AC highlights of 10m at 4.98g/t Au and 24m at 3.72g/t Au.
• A 3,000m RC programme is due to begin on the Bonoubana Trend in early May.
• Enegex is also starting a BLEG stream sediment sampling programme at Toumodi in southern Cote d’Ivoire, which lies 20km along strike from African Gold/Montage’s Didievi Project.

*SP Angel analyst(s) hold shares in Enegex

Ferrexpo (FXPO LN) 43.7p, Mkt cap £261m – Sale of transhipping vessel

• Ferroexpo report the sale of the ‘Iron Destiny’ transhipping vessel for US$7.7m in cash subject to delivery of the vessel and closing conditions.
• Management have not been able to vessel as a transhipper during the war but have incurred costs in keeping the vessel seaworthy.
• Board has determined that a sale of the "Iron Destiny" would be in the best interests of the Group as the vessel approaches the end of its useful life
• Funding
• Ferroexpo is actively exploring a number of potential funding options, including an equity capital raise.
• The board confirms it is discussions with institutional investors and that any equity capital raise would likely be structured as a conditional placing for a  minimum US$100 million to support the working capital position of the Group and meet the Group's short-term operational requirements while operating at a reduced level for the next 18 months.
• The raise would be subject to a General Meeting. The Company does not intend to publish a prospectus.
• Fevamotinico S.a.r.l. currently holds 49.32% over its support for the proposal.

First Development Resources (FDR LN) 2.15p, Mkt Cap £3.0m – Approval for drilling at Lander West, NT

• First Development Resources reports that it has received environmental approval for drilling at its Selta gold exploration project in the Northern Territory, Australia.
• The approval allows the drilling of 40 reverse-circulation (RC) holes and ancillary work at the Lander West prospect including the construction of “Tracks of a maximum 3m width, totalling 13.5km” and for “Total surface disturbance of 6.45 hectares”.
• Describing the RC drilling as “the most decisive stage” of its explration strategy, the company says that “Following payment of the environmental security bond, the Company expects to receive formal notice to commence activities from the Northern Territory Government within approximately five business days”.

Great Southern Copper (GSCU LN) 3.15p, Mkt Cap £23m – Drilling at Piedras Blancos

• Great Southern Copper reports that scout drilling is underway at the Piedras Blancos prospect on the western edge of its La Colorada lithocap porphyry copper prospect in the Especularita project area in the coastal metallogenic belt, Chile.
• The scout drilling comprises an initial three reverse-circulation (RC) holes to test alteration zones and a molybdenum geochemical anomaly covering an area “over 1km in diameter but … [which] … extends under gravel cover to east and south” at the previously undrilled target.
• CEO, Sam Garrett, said that the “alteration is characteristic of the phyllic zone of porphyry copper systems with pervasive silica-sericite-pyrite overprinted by stockworks of pyrite and quartz-pyrite fracture veins. The surface geology is highly oxidised and leached, so we want to get below the oxide zone and confirm what's there and use that information to potentially vector toward the potassic copper-rich core of the porphyry system”.
• “Following the completion of the Piedras Blancas scout RC drilling programme, the rig will proceed to the Artemisa and Victoria prospects to complete similar drill tests targeting porphyry-related copper mineralisation”.

Conclusion: Scout drilling is underway at a previously untested porphyry copper target in Chile.

Many Peaks (MPK AU) A$1.3, Mkt Cap A$172m – 1.3moz at 1.54g/t Au maiden MRE, PFS due 4Q26

• Cote d’Ivoire gold explorer Many Peaks reports a maiden MRE for the Ouarigue prospect within the Ferke Gold Project.
• The MRE includes:
  • 8.2mt at 1.5g/t Au for 398koz Measured
  • 14.9mt at 1.46g/t Au for 700koz Indicated
  • 3.5mt at 2g/t Au for 225koz Inferred
  • Total of 1.3moz at 1.54g/t Au.
• The MRE is derived from a single pit model to a depth of 540m.
• The upper 250m of the MRE accounts for 45% of contained metal, boosting open pit mining scenarios.
• Many Peaks is currently undertaking a PFS, supporting by metallurgical testing, ESIA studies and geotechnical programmes underway.
• Management notes ongoing drilling at Ouarigue is targeting resource expansion and conversion of inferred resources ahead of the PFS and MRE update.

Phoenix Copper* (PXC LN) 105p, Mkt Cap £3.0m – Progress of engineering and financing of Empire in following dismissal of former Chairman and CFO

(Phoenix holds 80% of the Empire mining property in Idaho)

• Phoenix Copper reports that it remains in discussions with potential funding sources for the completion of “detailed engineering” studies for the development of its Empire mine project in Idaho.
• The company says that completion of the engineering in a way that is “as non-dilutive to shareholders as possible” should position the company to “raise conventional debt and/or equity financing to build the infrastructure necessary to bring Empire into production”.
• Phoenix Copper “remains in discussion with the accredited US based investor referred to in Phoenix's announcement of 12 June 2025” and CEO, Ryan McDermott, explained that “Due diligence is both a necessary and time-consuming process, and we appreciate shareholders' patience and pragmatism while it is ongoing”.
• He also confirmed that active discussions are in progress to simplify the company’s debt.
• Today’s announcement also confirms that “The Audit Committee has completed a detailed report on the events that led to the dismissal of the former Executive Chairman and former CFO in early March, and this report is being reviewed by the Company's Auditors”.
• It also confirms that the Board “has taken all active steps possible within the law to retrieve the unauthorised payments referred to in its announcements of 9 February 2026 and 9 March 2026, a portion of which has already been repaid”.

*SP Angel acts as Nomad to Phoenix Copper

Power Metal Resources* (POW LN) 13.5p, Mkt cap £15m – Badger Lake drilling results boost geological understanding of target anomalies

• Power Metals have completed four diamond drill holes at Badger Lake to test various fault structures and geological analogies to Athabasca Basin deposits.
• Drilling was completed over 1,922m, with three holes drilled from one pad and one hole drilled 270m to the north-north-west.
• Hole BL26-01 was drilled to test an inferred fault structure to depths of 647m, however no sustained faulting was intercepted at depth with no mineralisation encountered.
• Hole BL26-02 was drilled to target the Western Shear Zone and S-Zone, intercepted the target earlier than expected at 316m depth downhole. Significant structural deformation was noted below 500m but no uranium mineralisation was intersected.
• Hole BL-26-03 was drilled to test the potential Cigar Lake Analogy between the two shear zones, intercepting the unconformity at 250m depth, with analysis suggesting the weaker structural geology and minimal clay alteration is not supportive of the initial Cigar Lake model
• Hole BL-26-04 was drilled to test two fault structures, noting moderate fracturing.
• The programme has confirmed the expected alteration sequence with later hydrothermal alteration noticeable in regional high-grade uranium deposits.
• Additionally, a noticeable bleached cap at the contact between the Western Shear Zone and the targeted uniformity was noted in BL-26-04, suggesting the potential for high-grade uranum deposition.
• Going forward, POW is currently undertaking several geochemical, petrophysical and petrographic studies to boost understanding of the local geology.

*SP Angel acts as Nomad and Broker for Power Metal Resources

Rome Resource (RMR LN) 0.34p, Mkt Cap £25m – £1.2m fundraising to progress DRC drilling and MRE update

• Rome Resources reports a subscription for 400m additional shares at a price of 0.3p/share to raise £1.2m.
• The additional shares, which we estimate represent around 5% of the enlarged company, provide funds to “continue drilling at its Kalayi project to provide further resource expansion beyond the next planned Mineral Resource Estimate … update”.
• In addition, they will “Enable the Company to drill the two high-graded copper and tin targets at Mont Agoma … [and] … conduct an airborne geophysical survey which is currently being planned in order to assess further exploration targets within the remit of Rome Resources' licences”.
• CEO, Paul Barrett, thanked shareholders for their support and said that the “additional funding, secured following our most successful drilling campaign to date at Kalayi, positions the Company to further accelerate growth and expand our tin resource”.
• The announcement confirms that Rome Resources “has also agreed to issue 24,000,000 warrants over new Ordinary Shares to the introducer of the Subscription, with each warrant entitling the holder to acquire one new Ordinary Share at the Issue Price at any time in the five-year period from the date of Admission”.
• The announcement also describes a ‘conditional bonus award’ to “align certain members of managements long-term interests with that of the Company's shareholders”.
• The award to “certain of the directors and members of the Company's management will be … conditional on the Company entering into a strategic partnership in relation to its Kalayi or Mont Agoma project”.

Conclusion: Additional funds should help maintain the momentum of resource expansion woth at Kayali and Mont Agoma.

Vulcan Energy (VUL AU) A$3.5, Mkt Cap A$€1.7bn - €40m Siemens supply agreement

• The Company signs a major ~€40m supply agreement with Siemens AG for the Lionheart Lithium Project, Germany.
• The agreement relates to the supply of engineering, automation, telecommunications, and building technology systems.
• The contract covers Lithium Extraction Plant in Landau (lithium chloride from DLE), currently under construction, downstream Central Lithium Plant (LHM from lithium chloride) at Industrial Park Hochst, Frankfurt, and production wells.
• The agreement follows Siemens Financial Services decision to invest €67m as part of the Lionheart €2.2bn project funding secured December 2025.

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

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.

DISCLAIMER

This note is a marketing communication and comprises non-independent research. This means it has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of its dissemination.

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This note has been issued by SP Angel Corporate Finance LLP (‘SPA’) to promote its investment services. Neither the information nor the opinions expressed herein constitutes, or is to be construed as, an offer or invitation or other solicitation or recommendation to buy or sell investments. The information contained herein is based on sources which we believe to be reliable, but we do not represent that it is wholly accurate or complete. All opinions and estimates included in this report are subject to change without notice. It is not investment advice and does not take into account the investment objectives and policies, financial position or portfolio composition of any recipient. SPA is not responsible for any errors or omissions or for the results obtained from the use of such information. Where the subject of the research is a client company of SPA we may have shown a draft of the research (or parts of it) to the company prior to publication to check factual accuracy, soundness of assumptions etc.

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Where the investment is traded on AIM it should be noted that liquidity may be lower and price movements more volatile.

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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.