SP Angel . Morning View . Monday 30.03.26

MiFID II exempt information – see disclaimer below

80 Mile Plc* (80M LN)  – Presentation highlights progress and potential in Greenland

Botswana Minerals (BMIN LN)  – Copper exploration underway in Botswana

Fireweed Metals (FWZ CN) – Strategic investment from JX Advanced Metals

Greatland Resources (GGP LN)  – Latest MRE shows 150% increase in contained gold and updates the O’Callaghans tungsten MRE

Montage Gold (MAU CN) – MRE Growth at Kone

Metals Exploration (MTL LN)  – La India development running ahead of schedule

Tertiary Minerals* (TYM LN)  – Exploration Target delivered for Mushima North, MRE due 2026

Gold ($4,533/oz) rebounds from bear market territory as buyers take advantage of sell-off

• Gold prices have strengthened over $4,500/oz, rebounding from recent lows of $5,100/oz.
• Gold had sold off c.20% since the start of the war in Iran, erasing gains made ytd.
• Turkey has sold or swapped 60t of gold since the start of the war with Iran to support the lira.
• Russia and other Middle Eastern states are thought to have been seen selling gold to replace lost oil revenues.
• An influx of retail and momentum-driven investors in late 2025 likely accelerated the sell-off, with buyers now stepping back into the market.
• ETFs are on track for their largest outflow since 2022, with investors put off by higher government bond yields.
• Analysts expect higher energy costs to weigh on central bank buying appetite in emerging markets, as they focus on containing inflation and limiting economic fall-out from the conflict.

We expect gold to remain under pressure as the Gulf states move to shore up their finances

Aluminium prices rise >5% towards $3,500/t following reports of an attack on the world’s largest smelter in Bahrain.

• Israel attacks Iranian aluminium refiner
• Aluminium Bahrain is reported to be assessing the damage on its facilities following an Iranian strikes on Saturday.
• Emirates Global Aluminium, the Middle East’s largest aluminium producer, was also attacked on Saturday.

Tether – Speculation over financial security of Tether

• Crypto currency specialists have long considered Tether to be a partly collateralised risky platform.
• Disorderly unwinding of Tether (USDT) would be bad news for crypto, gold and US Treasury markets due to its sheer scale.
• Tether provides liquidity for crypto trading so any impairment would impact other cryptocurrency exchanges and traders

How the Iran conflict is reshaping global commodity markets - IG TV: https://youtu.be/oE6-k3hQDsM?si=sXBMY_UOZpvMP8EA

Oil, LNG and helium - what the Middle East conflict means for energy markets - IG TV: https://www.youtube.com/watch?v=FlMVGvbgE9o

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Currencies

US$1.1496/eur vs 1.1521/eur previous. Yen 159.68/$ vs 159.84/$. SAr 17.148/$ vs 17.143/$. $1.325/gbp vs $1.331/gbp. 0.685/aud vs 0.690/aud

CNY 6.912/$ vs 6.912/$. Dollar Index 100.26 vs 99.99 previous

Economics

US – President Trump told FT over the weekend that his “preference would be to take the oil” in Iran

• The move is compare to the move in Venezuela where the US intends to control the oil industry “indefinitely”.
• “To be honest with, my favourite thing is to take the oil in Iran but some stupid people back in the US say: “why are you doing that?” But they’re stupid people.”
• “Maybe we take Kharg Island, maybe we don’t. We have a lot of options,” Trump added.
• ~3,500 troops are reported to have arrived in the region on Friday including 2,200 marines.
• Another 2,200 marines are en route as well.
• Various reports suggest that more than 50,000 troops are in the region now.
• Brent is trading around the $109 mark this morning.

Official says there will be enough forces to allow a significant ground operation against Iran next week

• The statement may be a prelude to US boots-on-the-ground at Karg Island, or it may be a ruse for now.

Germany – Nationwide March inflation numbers are out later today with regional data showing a massive jump in mom changes.

• Regional data shows mom increases from 0.2-0.4% in February to over 1% this month.
• Estimates are for nationwide CPI hitting 2.6%yoy, up from 1.9% the previous month.

Russia – Government seen selling gold while banning cash exports >$100,000 and the export of >100g gold bars

• Putin referred to the measures as ‘fighting the shadow economy’.

Iran - Escalation as power infrastructure is targeted

• Targeting of power stations in Tehran may have started – with the aim of preventing Iran from making more rockets.
• Iran reported to be targeting Israeli power plant.
• Iran hits Kuwait power station

Pakistan – Nation acting as an intermediary in US/Iran negotiations, and preparing to host “meaningful talks” to end the conflict in coming days

• Foreign ministers from Saudi Arabia, Turkiye and Egypt met in Islamabad for high-level talks.
• The foreign ministers also held meetings with Pakistan’s military leader and prime minister, Shehbaz Sharif.

Pakistan PM announces pay cut for government workers and a halving of fuel allocations

• The government has approved a $358m austerity fund

UAE – Unconfirmed reports suggest the UAE has seized US$530bn of Iranian assets

• The unconfirmed report also suggests the UAE may have also revoked all Iranian residency permits including Golden Visas despite 99-year residency agreements.
• The UAE has currently frozen between $100-120bn of Iranian assets.
• The UAE claims that Iran has illegally occupied the island of Abu Musa since the withdrawal of British forces in 1971.

Yemen - Houthis fire 2 missiles at Israel and formally enter the war

• Two drones were also intersected from Yemen early Monday.

Turkey – Central bank considering gold sales following defense of its currency

• The central bank has spent $30bn defending the lira.
• A report suggests Turkey has sold or swapped ~60t of gold since Israel and the US struck Iran

Egypt – IMF unlocks $2,3bn as authorities start power rationing

• The Egyptian authorities have asked shops to close at 9pm and mandated work-from-home Sundays.

Iraq - 22 banks banned from US dollar transactions

India – Quietly created a $6,7bn Economic Stabilisation Fund

Qatar – Iranian attack on power station adds to civilian targets

• Iran has already attacked a water desalination and camp

Lebanon – Israel continues to hunt Hezbollah commanders in Beirut and its suburbs

Precious metals:

Gold US$4,522/oz vs US$4,434/oz previous

   Gold ETFs 98.1moz vs 98.2moz previous

Platinum US$1,924/oz vs US$1,864/oz previous

Palladium US$1,425/oz vs US$1,381/oz previous

Silver US$70.3/oz vs US$69.0/oz previous

   Silver ETFs 803.6moz vs 807.0moz previous

Rhodium US$10,800/oz vs US$10,800/oz previous

Base metals:   

Copper US$12,220/t vs US$12,196/t previous

Aluminium US$3,409/t vs US$3,271/t previous

Nickel US$17,315/t vs US$17,280/t previous

Zinc US$3,164/t vs US$3,092/t previous

Lead US$1,902/t vs US$1,900/t previous

Tin US$46,400/t vs US$45,310/t previous

Energy:

Oil US$116.3/bbl vs US$109.9/bbl previous

·         Crude oil prices climbed higher over the weekend after US President Trump after Iran-backed Houthi militants in Yemen joined the conflict and additional US troops deployed to the region increasing fears of a ground assault on Iran.

·         The US Baker Hughes rig count fell 9 to 543 units last week (-49 or -8% y/y), as oil rigs fell 5 to 409 units (-75 y/y) and gas rigs fell 4 to 127 units (+24 y/y) in declines to most basins, with Canada losing 24 rigs w/w to 153 units (-10 y/y).

Natural Gas €55.0/MWh vs €56.4/MWh previous

Uranium Futures $83.9/lb vs $84.3/lb previous

Bulk:

Iron Ore 62% Fe Spot (Singapore) US$106.3/t vs US$106.9/t

Chinese steel rebar 25mm US$465.3/t vs US$464.9/t

HCC FOB Australia US$223.5/t vs US$223.5/t

Thermal coal swap Australia FOB US$143.5/t vs US$141.0/t

Other:

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

NdPr Rare Earth Oxide (China) US$103,089/t vs US$103,088/t

Lithium carbonate 99% (China) US$22,426/t vs US$21,775/t

China Spodumene Li2O 6%min CIF US$2,100/t vs US$2,040/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$253/lb vs US$258/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$257/t vs US$257/t

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

China Rutile Concentrate 95% TiO2 US$1,136/t vs US$1,136/t

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

Brazil Potash CFR Granular Spot US$387.5/t vs US$382.5/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

BYD targeting overseas sales of 1.5m in 2026

• The Chinese automaker and battery maker has increased its target for overseas sales in 2026 from 1.3m to 1.5m, a 15% increase.
• BYD is confident that sales in overseas markets, particularly in Europe, will be strong and support the company amid weakening domestic demand.

BYD secures 2.6GWh overseas BESS order 

• BYD will supply 468 MC Cube-T energy storage systems, totalling 2.6GWh of capacity, to a project in Chile.
• The BESS will support four large-scale solar projects across the country.
• The company's energy storage business has been growing rapidly with 135GWh of capacity being shipped as of 2025.

Company News:

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80 Mile Plc* (80M LN) - 1.10p, Mkt cap £57m – Presentation highlights progress and potential in Greenland

(80 Mile Plc to hold a 30% of Greenland Energy Co, (GLND N) after the earn in)

• 80 Mile Plc
• Greenland Energy Co, is looking to drill two 3,500m holes in H2 in order to earn a 70% interest in the Jameson Project.
• Over US$275m has been invested historically by major energy companies and government institutions into the Jameson license area.
• Independent assessment and prospective resources report by Sproule ERCE i n Q4 2025:
• Total estimated volumes of gross unrisked prospective resources for all 58 identified prospects:
  • 1, 088 .7 million barrels ( P90 )
  • 4, 196 .3 million barrels ( P50 )
• Heavy equipment has been delivered to East Greenland, with an anticipated spud date du ring H2 2026.
• Disko-Nuussuaq provides a recognised a strong geological setting for copper, nickel, cobalt and PGEs.
• Management see potential for a Tier-1 nickel-copper discovery analogous to Siberia's Norilsk Nickel District.
• Substantial funding of ~$12m was spent by KoBold Metals on data collection to help define seven large, geophysical anomalies.
• USFM Corp. jv agreement on Disko for US$30m in in drill-related expenditure, with US$10m in spring/summer 2026.
• 80 Mile will retain a 49% interest and will be free-carried till the earn-in is complete.
• Management retain operational leadership during the critical early stages.
• Dundas Project, recognised by independent bodies as the world's highest-grade ilmenite project and the second-largest titanium occurrence globally after Russia.
• Dundas hosts a high-purity ilmenite with a JORC:
  • 117mt grading 6.1% ilmenite - ore resource
  • 67mt grading 7.3% ilmenite in-situ – ore reserve
• A target of up to 540mt makes this a monster of a deposit.
• A recent survey by Geological Survey of Denmark and Greenland estimates up to 17bnt, non-JORC), of pure ilmenite within the broader province.
• The project has a 30-year exploitation license granted in December 2020.
• Hydrogen Valley: owns & operates the Ferrandina biofuels plant in Italy’s Special Economic Zone (ZES):
  • Has facilities for biodiesel, ESBO, and glycerine production
  • Pursuing a SAF and hydrogen expansion with EU and Italian grant support to drive energy transition participation
• Production is imminent
• For further details please see https://www.80mile.com/results-reports-presentations

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

Botswana Minerals (BMIN LN) 0.25p, Mkt Cap £4.0m – Copper exploration underway in Botswana

1. Botswana Minerals reports the start of copper exploration on its licences in Ngamiland, north-west Botswana.
2. The initial work on the 7,074km2 area “is to refine and rank the most promising targets across the licence package and define the geophysical priorities which will lead to identifying drill targets”.
3. Today’s announcement explains that “Ngamiland … combines district scale, geological prospectivity with concealed discovery potential … within a recognised metallogenic corridor that extends into Namibia's Otavi Mountainland”.
4. Chairman, John Teeling, explained that the company has “25 years of operational experience” in exploration in Botswana and the work aims to “integrate more data into the model to refine potential drill targets” using techniques including AI.

Fireweed Metals (FWZ CN) C$3.83, Mkt Cap C$813m – Strategic investment from JX Advanced Metals

• Lundin-backed Fireweed Metals have agreed a C$61.5m placement at C$4.18/share with Japanese smelting/refining group JX Advanced Metals.
• Funds will be used to advance the Company’s Macpass, Mactung and Gayna projects in northern Canada.
• The placing represents a 14% premium to the 10-day VWAP.
• JX will subscribe for 5% of the outstanding shares in Fireweed, with the Lundin’s maintaining their pro-rata ownership at 22.9%.
• The Macpass District includes the Macpass zinc-lead-silver project and the Mactung tungsten project.
• Macpass:
  • 56mt at 7.27% ZnEq Indicated, 48.5mt at 7.48% ZnEq inferred
• Mactung:
  • 41.5mt at 0.73% WO3 Indicated, 12.3mt at 0.49% WO3 inferred
  • Targeting FID in 2028-29 with Feasibility Study due 2026
• Fireweed notes JX’s increasing involvement in North American mining projects in the US and interest in tungsten.

Greatland Resources (GGP LN) 544p, Mkt Cap £3,439m – Latest MRE shows 150% increase in contained gold and updates the O’Callaghans tungsten MRE

·         Greatland Resources has issued an updated mineral resource report for its Telfer and Havieron deposits in Western Australia.

·         Telfer’s new MRE totals 419mt at an average grade of 0.59g/t gold and 0.09% copper hosting 8moz of gold and 370kt of copper representing a 150% increase in the contained gold resources.

·         The resource includes 167mt of ‘Indicated’ resources at an average grade of 0.69g/t gold and 0.13% copper with 249mt of ‘Inferred’ resources at a grade of 0.53g/t gold and 0.06% copper plus 2.7mt of stockpiles classed as ‘Measured’.

·         The new estimate includes an initial 8mt resource at an average grade of 2.3g/t gold (0.6moz) for the West Dome underground resources

·         Today’s announcement hints at the potential for further increases sating that “More than 100,000m of further drilling is planned in the second half of Telfer's record FY26 drilling program, which will inform future MRE updates”.

·         “There has been no material change to the Havieron MRE published by Greatland on 30 May 2025” which shows a combined 131mt at an average grade of 1.65g/t gold and 0.21% copper for a total 7moz of gold and 275kt of copper.

·         In a separate announcement Greatland Resources also updates the MRE for its O’Callaghan’s tungsten-copper-zinc-lead deposit which is located ~10km south of Telfer.

·         The new resource totals an ‘Indicated & Inferred’ resource of 70mt at an average grade of 0.35% tungsten trioxide, 0.30% copper, 0.57% zinc and 0.28% lead.

·         Over 90% of the O’Callaghan’s resource (65mt at an average grade of 0.35% tungsten trioxide, 0.30% copper, 0.58% zinc and 0.28% lead) is classed as ‘Indicated’ with the balance as ‘Inferred’.

·         Managing Director, Shaun Day, described O’Callaghans as, “a globally significant tungsten and base metals deposit … [which is] … one of the world's largest high grade tungsten deposits, in close proximity to our Telfer mine which provides the potential to benefit from sharing of some of Telfer's non-processing infrastructure”.

·         Mr. Day confirmed that Greatland Resources’ “primary focus will remain Telfer and Havieron … [while] … we are considering appropriate options to demonstrate and enhance the … [O’Callaghan’s] … project's value within the Greatland portfolio”.

Conclusion: Resource increase at Telfer including initial estimate for the West Dome u/g resource. Resource update for the O’Callaghan’s tungsten resource.

Montage Gold (MAU CN) C$14.4, Mkt Cap C$5.3bn – MRE Growth at Kone

• Cote d’Ivoire gold developer Montage reports resource increases and grade control results from Kone and Gbongogo Main.
• The Company has completed 174,000m of exploration and grade control drilling at the two assets in 2025.
• Company reports the M&I Resources at Kone increased by 142koz to 4.63moz with grade increasing 21% to 0.69g/t Au.
• Gbongogo Main deposit increased by 223koz indicated to 783koz Au with grade up 3% to 1.51g/t Au.
• Higher grade satellite deposits stand at 1.25moz and 1.34g/t Au Indicated and 303koz at 1.07g/t Au inferred.
• Company expects to announce updated MREs for Gbongogo South, Koban North, ANV, Yere North, Lokolo Main, Sena and Diouma North in the coming weeks, with maiden MREs due.
• Montage is conducting a 90,000m over 2026.
• Company reiterates first pour due 4Q26.

Metals Exploration (MTL LN) 12.55p, Mkt Cap £367m – La India development running ahead of schedule

• Metals Exploration reports that development of the La India gold project in Nicaragua was ~40% complete by mid-March, ahead of the planned 35%.
• The company confirms that “Total Project expenditure to the end of February 2026 of approximately US$80 million is tracking in line with forecast against a planned US$78 million … [but says that the] … Total Project budget has increased from US$165 million to US$171 million due to revised electrical infrastructure costs”.
• The additional electrical supply costs include US$1.6m for a 34.5kv electrical substation and US$4m for processing plant switch-rooms.
• The revised development budget “will continue to be funded by free cash flow from the Company's Runruno gold mine in the Philippines, supported by an undrawn US$30 million gold pre-pay facility”.
• Amplifying the progress to date, today’s announcement confirms that the overall engineering “is 85% complete, with detailed civil and process designs being progressively issued for construction” and that “Bulk earthworks for the processing plant and run of mine ("ROM") pad areas are 100% complete”.
• The company has spent US$15m of the budgeted US$29m for the mining fleet with the “Open pit pre-stripping … advanced to approximately 38% complete overall … [728kt] … with pit deforestation fully complete”.
• Almost 95kt of “low-grade commissioning ore is now stockpiled on the ROM pad, and this is continuing to build ahead of commissioning”.
• CEO, Darren Bowden, described the progress as positioning La India “in a strong position as we move into the most intensive phase of construction … [ahead of] … first gold by December 2026”.

Conclusion: The La India development remains ahead of schedule as it targets initial gold production in December.

Tertiary Minerals* (TYM LN) 0.1p, Mkt Cap £5.2m – Exploration Target delivered for Mushima North, MRE due 2026

• Tertiary Minerals has released a maiden JORC Exploration Target for the A1 Target at Mushima North Project in Zambia.
• The asset lies 28km east of the Kalengwa Copper-Silver mine and the Exploration Target has been reported over the A1 Target.
• The Exploration Target outlines:
  • 15-30mt at 40-60g/t AgEq
• Using SP Angel’s long-term commodity price assumptions, this generates a contained ounce range of 19.3moz-57.9moz AgEq.
• The Target has been generated with 3,084m of drilling over three phases.
• The mineralised body is hosted within a flat-lying tabular supergene oxide zone stretching 500m long, 300m wide and 75m thick.
• Tertiary has identified multiple targets over the wider Mushima North that warrant drill testing, with several targets showing similar geological characteristics to the A1 Target..
• Focus at the A1 Target will include drilling to the northwest, southwest and at depth.
• Management will also complete infill drilling, metallurgical testwork, mining studies and plant/infrastructure requirements to derisk the project towards MRE.
• Tertiary plans to deliver a maiden JORC MRE by year end.
• We see Mushima North as holding potential for a bulk-tonnage, low strip open pit operation in a tier one African mining jurisdiction.

Conclusion: This is an important milestone for Tertiary and their greenfield Mushima North discovery, outlining a shallow, flat-lying Exploration Target at the Mushima North silver-copper-zinc project. We see two key takeaways from today’s update: first, the target remains open in multiple directions, leaving multiple avenues to expand tonnage. Second, the primary source of mineralisation at the project remains unknown, suggesting potential for a discovery at depth. Further drilling will now be completed, alongside metallurgical test work, to derisk and add scale to the project.

*SP Angel acts as Nomad and Broker to Tertiary Minerals

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.

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