SP Angel . Morning View . Thursday 05.03.26

MiFID II exempt information – see disclaimer below

Boss Energy (BOE AU) – Honeymoon quarterly production hit by heavy rainfall

ECR Minerals (ECR LN)  – Chairman summarises progress in Australia in his report to shareholders

Endeavour Mining (EDV LN)  – Strong results support deleveraging, focus on organic growth pipeline

Resolute Mining (RSG LN)  – Increased mineral reserves and resources

SSR Mining (SSRM US) – $1.5bn sale of Çöpler mine in Turkey

Strategic Minerals* (SML LN)  – Results of final hole from the 2025 drilling at Redmoor ahead of update to MRE

Copper ($12,940/t) edges lower as China reduces growth expectations

• Copper prices ticked below $13,000/t today as China outlined their 2026 growth targets.
• Beijing set its lowest growth target since 1991 at 4.5-5%.
• The move was in line with expectations but reiterates the impact of slowing property and infrastructure investment.
• China is trying to boost domestic spending to balance surging exports, which accounted for over 30% of 2025 growth.
• Copper prices are also being weighed down by a stronger US dollar, which has risen by 1.1% over the past month on the index.
• Inventories remain at elevated levels, with global stocks rising above 1.2mt over the past week, up 4.6% from February.
• Chinese smelters continue to expand despite rock bottom TCRC fees,
• Copper smelters benefit from elevated sulphuric acid prices, which hit 2014 highs last month on Russian sulphur export constraints and improving fertilizer demand.
• Sulphur supply disruptions from the Gulf may enable sustained margins from smelters benefiting from the improved by-product pricing.
• However, the economic fall-out from a sustained conflict in the Middle East may impact copper demand globally.

Interviews – IG TV Indaba interview: https://youtu.be/-YKK0NzMLZ0?si=i-83_jtBI8u5bM86

• Commodity Markets Weekly: https://youtu.be/OEvjlwDdmQ8?si=Ej5UcV91750ErDPk
• VOX video:  The most extraordinary week in commodities I've ever witnessed
• New commodities cycle: https://www.voxmarkets.com/articles/we-are-now-in-a-new-commodities-cycle-says-sp-angel-s-john-meyer-277006a

Currencies

US$1.1595/eur vs 1.1602/eur previous. Yen 157.32/$ vs 157.32/$. SAr 16.496/$ vs 16.497/$. $1.333/gbp vs $1.335/gbp. 0.703/aud vs         0.702/aud. CNY 6.897/$ vs 6.911/$.

Dollar Index 99.05 vs   99.05 previous.

Economics

US – Markets climbed yesterday on reports that Iran reached out for a potential deal.

• Mixed announcements came from Iran and the US relating to the straight of Hormuz.
• With transit reported to have dropped more than 90% from normal levels.
• Doubts are being voiced how realistic the US plan to escort shipments through the straight if needed is.

Iraq became the first major exporter to start reducing production winding down output at its three largest oilfields as storage space fills up.

• Other producers are expected to join unless shipments through the strait resume.
• Saudi Arabia that has the largest storage in the region was “quickly running out of spare capacity”, a co-founder of satellite imaging company Kayrros, Antoine Halff said.
• JPMorgan estimates that 3mbbl may go offline by Sunday rising to ~5mbbl if the conflict continues for more two and a half weeks.

China tells top oil refiners to stop exports of diesel and gasoline as the country prioritises domestic needs.

• Temporary suspension of shipments to begin immediately.

Japanese oil refiners are asking the government to release crude from strategic petroleum reserves.

• Japan sources more than 90% of its oil from the Middle East.

Fifty thousand missing Epstein files to be released this week

• Time to invade Cuba, maybe?

China – The government sets the GDP target at 4.5-5.0% for 2026 while warning over growing “difficulties and challenges” in the economy.

• The target represents a modest pull back from the goal of “around 5%” set last year.
• GDP grew 5% in 2025.
• “Geopolitical risks are rising… Global economic momentum remains sluggish, while multilateralism and free trade are under severe threat,” Premier Li Qiang said during the opening of the Parliament.
• Ongoing challenges in the property market have been acknowledged.
• The government set the target to reach global tech supremacy in its next five year plan.
• Decisive breakthroughs” in cutting edge tech planned including the build out of the full semiconductors’ supply chain.

Iran – Plan to turn the Straits of Hormuz into trap for US navy

Iran claims to have destroyed the US THAAD ballistic missile defences

• Analysts say the US could run low on vital interceptor missiles within weeks.
• We suspect many of these interceptors may be running close to their use-by dates.

Risks of attacks on other critical infrastructure in the Middle East rise as Iran aims to increase the cost of the conflict for all involved higher.

• An attack on an energy plant in Fujairah, UAE that powers one of the world’s largest desalination plants.
• In Kuwait, debris from a drone cause a fire in one of its plants.
• Kuwait, Qatar and the UAE are all reported to be completely dependent on the desalination plants.
• Saudi Arabia and especially its capital, Riyadh, is also heavily exposed.
• The Jubail facility in Saudi Arabia supplies Riyadh with more than 90% of it drinking water.

Kurds launch ground invasion against Iran

Kurdish forces from KDP and PUK looking to lead a popular uprising against the Iranian regime

• Factional groups including the Kurds in Iraq and Azeris to the north and Baluch to the east may come together to topple the Iranian regime
• The US is working to support the KDP and PUK in its bid to overthrow the regime in Iran.
• The Kurds have many scores to settle with the Islamic Republic which killed thousands of Kurds after the 1979 Islamic revolution.
• Iran attacked Kurdish positions in Iraqi Kurdistan last night as the Kurds prepared to launch a ground invasion of Iran.
• The strikes came after reports last night that Iranian Kurds in Iraq were preparing to launch a ground invasion of Iran (IRNA).

Scenario analysis:

• Current regime surrenders – 1%
• Regime change:
• Iran military takes over from the Ayatollahs – 20%
• US pauses air strikes to enable negotiations
• Kurds overthrow the IRGC and form interim government – 20%
• Azeris and Baluchis join with Kurds in new alliance
• Reza Pahlavi steps in as interim leader supported by the US
• Iran descends into tribal infighting
• Iran continues to fire missiles into neighbouring countries for weeks – 10%
• Neighbours ignore attacks – probably
• Neighbours return fire – possibly
• Neighbours send troops into Iran to stop missile attacks – 0%
• Iran destroys US defense systems (THAAD)
• US gives up attack – regime and IRG recovers .- 5%

Questions:

• Is the Iran war is more about controlling oil supplies than ending the regime in Iran?
• When will Iran run out of missiles?
• Are China and Russia helping Iran in the background?
• Have China and Russia supplied hypersonic and other missiles to Iran?
• Why has Iran focussed its attack on the UAE, Dubai and Oman?
• When will the US reopen the Straits of Hormuz?
• Will the Houthis continue to pose a threat without funding from Iran?

Azerbaijan – Iran fires two drones into Azerbaijan

• A drone hit buildings at an airport in Nakhchivan
• The second landed near a school
• Azerbaijan condemned the attack and is mobilising troops as well as air defences to the Iranian border as regional conflict draws new parties in.

Turkey – Iran has fired a ballistic missile into Turkey

• Turkey is a member of NATO and as such an attack on a NATO member is considered to be an attack on the whole NATO union.
• NATO defence systems destroyed the missile over the eastern Mediterranean.
• Iran has denied firing the missile

Kuwait -  US airbase and Tanker was hit by Iranian missiles

Israel - Cluster munitions from Iranian missiles post substantial threat with substantial unexploded ordinance littering impact sites

UAE – Around 800 missiles fired by Iran into the UAE and counting

• A security expert at the Stimson Centre in Washington DC, estimates the UAE has shot down 92% of Iranian missiles and drones including 165 ballistic missiles, 541 Shahed drones, and two cruise missiles.
• Iran is seen targeting airports, US datacentres, ports and energy infrastructure.

France – Macron deploys French forces to the Middle East

• Macron is the new ‘Charles de Gaulle’

UK – Labour cabinet blamed for Starmer’s weak stance on allowing the US to use British air bases

• News reports suggest Ed Miliband led the charge against any British involvement, arguing it would be illegal in a National Security Council meeting on Friday.
• Milliband was backed by Yvette Cooper and Rachel Reeves, according to reports with advice from Lord Hermer, the Attorney General.
• Miliband is reported to have previously led opposition to British strikes on Assad’s Syria in 2013.
• The left wing of Labour has long criticised Tony Blair’s involvement in the second Gulf War as a way of discrediting ‘New Labour’.
• Trump has since declared that ‘Starmer is no Winston Churchill’.
• We suspect the Labour government will come under increasing pressure from Trump on Tariffs and other matters now the ‘Special Relationship’ is damaged.

Zimbabwe – The government is reported to be working on a critical and rare earth mineral policy.

• The announcement follows the state decision to suspend all lithium concentrate exports following reports over widespread under-declaration by miners.
• Earlier, Polite Kambamura, the nation’s mines minister, said that suspension had to be brought forwarded from previously planned 2027 as exporters are reported to have ramped up shipments and applied for additional export permits.

Venezuela – Interim President Delcy Rodriguez told miners and metal traders that the country to move “Trump speed” to promote local mining sector.

Precious metals:         

Gold US$5,157/oz vs US$5,156/oz previous

   Gold ETFs 100.1moz vs 100.8moz previous

Platinum US$2,162/oz vs US$2,148/oz previous

Palladium US$1,671/oz vs US$1,690/oz previous

Silver US$83.8/oz vs US$84.8/oz previous

   Silver ETFs 829.8moz vs 827.5moz previous

Rhodium US$11,450/oz vs US$11,850/oz previous

Base metals:   

Copper US$12,918/t vs US$13,105/t previous

Aluminium US$3,340/t vs US$3,296/t previous

Nickel US$17,255/t vs US$17,350/t previous

Zinc US$3,302/t vs US$3,297/t previous

Lead US$1,944/t vs US$1,939/t previous

Tin US$49,590/t vs US$50,600/t previous

Energy:           

Oil US$83.9/bbl vs US$83.5/bbl previous

• Crude oil prices edged lower as the EIA estimated w/w US inventory builds of 3.5mb to crude, and 0.4mb to distillates, offset by a 1.7mb draw to gasoline stocks, with refinery utilisation rising 0.6% to 89.2% on 13.7mb/d of domestic output.
• European energy prices also retreated even as EU natural gas storage levels fell 0.5% w/w to 29.8% full (vs 44.7% 5-Yr average), with aggregate inventory at 340TWh and Dutch storage levels falling to ~10% full (vs 38.8% 5-Yr average).
• UK Chancellor Rachel Reeves reportedly told representatives from the oil and gas industry’s leading operators that she wants to end the Energy Profits Levy next year, three years earlier than planned, to unlock new investment.

Natural Gas €53.3/MWh vs €56.5/MWh previous

Uranium Futures $85.9/lb vs $85.9/lb previous

Bulk:

Iron Ore 62% Fe Spot (Singapore) US$99.7/t vs US$98.8/t

Chinese steel rebar 25mm US$463.8/t vs US$463.1/t

HCC FOB Australia US$220.0/t vs US$219.8/t

Thermal coal swap Australia FOB US$132.8/t vs US$138.0/t

Other:  

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

NdPr Rare Earth Oxide (China) US$122,872/t vs US$123,070/t

Lithium carbonate 99% (China) US$22,110/t vs US$21,778/t

China Spodumene Li2O 6%min CIF US$2,125/t vs US$2,075/t

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

China Tungsten APT 88.5% FOB US$2,003/mtu vs US$1,953/mtu

China Tantalum Concentrate 30% CIF US$186/lb vs US$181/mtu

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

Europe Vanadium Pentoxide 98% US$5.7/lb vs US$5.6/lb

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

China Ilmenite Concentrate TiO2 US$262/t vs US$261/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$1,136/t

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

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

Germanium China 99.99% US$3,045.0/kg vs US$3,045.0/kg

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

EV & battery news

Volvo sees sales volumes down 10%, but EV sales strengthen

• Volvo has seen sales volumes fall 10% over the last three months as it sees the impact of trade tariffs and other market headwinds.
• Despite this, the automaker said that sales for fully electric models increased 18% and now account for 25% of its vehicles sold.
• Plug-in hybrids were down 2%, but still account for 49% of total volumes.

Nio establishes new Shanghai battery unit to accelerate solid-state tech

• Nio has established a new battery tech firm in Shanghai to accelerate solid-state battery R&D, expecting scaled application after 2027.
• The company has already spent time laying out a plan in the solid-state battery field, collaborating with multiple industry players and research institutions to explore various technological routes, including oxides and sulfides.

Company News:



Boss Energy (BOE AU) A$1.74, Mkt Cap A$722m – Honeymoon quarterly production hit by heavy rainfall

• Boss provides an update on Honeymoon production following heavy rain in South Australia.
• The Company expects to resume reagent deliveries and production by 14th March 2026.
• Boss reduces U3O8 expectations for 3Q26 to between 240-270klb (original guidance of 456klb).
• However, Boss retains FY26 production guidance of 1.6mlb U3O8.
• Company expects record quarterly production in 4Q26 following the addition of extra IX columns, power upgrades and pumps.

ECR Minerals (ECR LN) 0.27p, Mkt Cap £9.5m – Chairman summarises progress in Australia in his report to shareholders

• ECR Minerals, which is progressing gold projects in Australia reports a loss of £1.3m for the year to 30th September 2025 (2024 - £1.2m loss) and a closing cash balance of £0.3m.
• In comments to shareholders the Chairman, Nick Tulloch, highlighted progress at the Raglan and Blue Mountain projects in Queensland where initial production of alluvial gold is expected this year.
• He also commented on an initial drilling programme at the recently expanded Tambo project in Victoria which “confirmed the association of gold mineralisation with quartz veining adjacent to the main shear zone”.
• Drilling was also completed with a 28-hole programme of reverse circulation drilling during September and October “over two gold prospects at the Lolworth project” in Queensland where “exploration to date identified multiple gold bearing streams”.
• Drilling of a four-hole programme of core holes at Bailieston in Victoria “intersected gold and antimony mineralisation in two of the holes … [with] … Hole BH3DD044 … intersecting a 1.6m mineralised zone from 133.0m, including 0.2m @ 3.86 g/t Au and 1.41% Sb from 133.5m … [and] … BH3DD044 … [intersecting] … 0.2m @ 0.92 g/t Au from 61.3m”.

Endeavour Mining (EDV LN) 4,767p, Mkt Cap £11bn – Strong results support deleveraging, focus on organic growth pipeline

• Endeavour reports FY25 results.
• The Company produced 1.2moz Au over the year, up 10% vs 2024.
• AISC reported up 18% at $1,433/oz.
• Revenue reported at $4.2bn over the year, with EBITDA up 149% to $2.1bn.
• Free cash flow reported at $1.16bn, up 269%yoy with net earnings of $782m.
• Net debt reduced by $574m to $158m.
• Company returned $435m to shareholders, with $350m in dividends and $85m in buybacks.
• Management commits to a minimum dividend of $1bn between 2026-2028, but expects total returns to be ‘more than double the minimum commitment, at prevailing gold prices.’
• Reserve ounces fell to 16.6moz from 18.4moz prior year, factoring in higher unit costs and higher gold price assumptions at $1,900/oz, excluding Assafou.
• M&I MRE ounces fell to 25moz from 26.1moz, with gold price assumptions increased to $2,100/oz for the majority of projects.
• Exploration:
• Endeavour spent $91m on exploration over the year, drilling 328,000m metres focused on near-mine brownfield resource additions.
• Endeavour is currently targeting 12-15moz additional MRE, both in West Africa and the three target exploration provinces: Central Asian Orogenic Belt, West Tethyan Metallogenic Belt and the Guiana Shield.
• Exploration Spend increased to $100m for 2026.
• Assafou
• Company reiterates the Assafou DFS is due 1Q26.
• Assafou PFS outlined a 5mtpa plant, 15 year mine life, post-tax NPV5 of $1.5bn at $2,000/oz Au.
• DFS will enable a potential upsizing of the plant in the future, alongside various grade-control driven optimisation.
• Endeavour reports both the environmental and exploitation permits have been approved.
• First gold targeted for 2H28.

Conclusion: A good year for Endeavour with strong cashflows enabling a significant reduction in debt and increased shareholder returns. Management is focused on bringing Assafou into production, with first gold due 2H28. Additionally, the Company has committed to a major exploration drive across West Africa and three new regions of focus across Europe, Asia and the Guiana Shield. We would not be surprised to see Endeavour look to acquire later stage assets alongside their aggressive exploration programme, given their strong balance sheet and healthy cashflows at current prices.

Resolute Mining (RSG LN) 79.6p, Mkt Cap £1,733m – Increased mineral reserves and resources

• Reporting its December 2025 mineral reserves and resources Resolute Mining reports a 60% rise in the gold content of its overall resources to a total of 17.6moz and a 55% increase in reserves to 6.8moz.
• Total mineral resources of 347mt at an average grade of 1.6g/t gold include ~35mt of ‘Measured’ resources at an average grade of 2.6g/t (2.9moz) plus ~160mt of ‘Indicated’ resources at 1.8g/t (9.0m oz) and a further ~152mt of ‘Inferred’ resources at a grade of 1.2g/t (5.7moz).
• Mali operations, including the Syama mine and Tabakoroni represent ~ 51% (9.1moz) of the total resource with Senegal (Mako, Tomboronkoto and Bantaco) contributing a further 6% (1.0moz) and Ivory Coast (Doropo, the ABC project and La Debo) adding a further 41% (7.2moz) with balance of around 0.3moz attributed to the Mansala project in Guinea.
• Ore reserves total ~122mt at an average grade of 1.7g/t with 6.1mt grading 1.2g/t (230koz) classed as ‘Proven’ and the balance of 116mt at a grade of 1.8g/t (6.6moz) of ‘Probable’ reserves.
• Malian operations host ~ 57% (3.9moz) of the total reserve ounces with Ivory Coast’s reserves amounting to a further 36% (2.5moz) and the Senegalese operations contributing the remaining ~0.5moz.
• The Doropo project in Ivory Coast appears to be an important contributor to the increased reserves and resources with 2.5moz of reserves and 4.4m oz of resources.
• Today’s announcement confirms a 2026 “Group exploration budget of $15-25 million with a focus on expanding resources at the Doropo Project, the ABC Project and La Debo in Cote d'Ivoire, testing drill targets on the Laminia and Sangola permits in Senegal, deeper drilling at Syama North in Mali and restarting exploration activities in Guinea”.
• Welcoming the increases, CEO, Chris Eger, attributed them to “additional ounces from inorganic growth through the acquisition of the Doropo and ABC Gold Projects, as well as continued exploration success in Senegal and Côte d'Ivoire” and confirmed Resolute Mining’s commitment to exploration, particularly in Cote d’Ivoire, as a key pillar of the company’s “organic growth plans”.

Conclusion: Resolute Mining has delivered increased mineral resources and reserves via a combination of a continuing commitments to exploration and through the acquisition of the Doropo and ABC projects in Cote d’Ivoire.

SSR Mining (SSRM US) $33, Mkt Cap $6.8bn – $1.5bn sale of Çöpler mine in Turkey

• SSR Mining has agreed to sell its 80% stake in the Çöpler mine in Turkey for $1.5bn in cash.
• The asset has been sold to Cengiz Holdings, a Turkish industrial conglomerate.
• The transaction excludes SSR Mining’s interest in hod Maden.
• Çöpler has been on care and maintenance since a heap leach failure in 2024, which resulted in nine fatalities.
• Çöpler holds 43.1mt in reserves at 2.39g/t Au for 3.3moz at the open pit and 10.4mt at 2.07g/t Au in stockpiles.
• SSR will use the funds for ‘continued reinvestment in the business, capital returns, and accretive growth initiatives.’
• Company is conducting a strategic review of their remaining Turkish platform, including the 20% interest in Hod Maden.
• Focus is shifting to the Americas following the Cripple Creek and Victor mine acquisitions.

Strategic Minerals* (SML LN) 3.6p, Mkt Cap £91m – Results of final hole from the 2025 drilling at Redmoor ahead of update to MRE

• Strategic Minerals has released the results from the final hole (CRD-039) of its 5,000m, 2025 drilling programme at the Redmoor Tungsten-Tin – Copper Project.
• The hole confirms the continuity of the SVS (Sheeted Vein System) mineralisation within the central part of the ‘Exploration Target’ at Redmoor as well as the “potential continuation of the recently discovered ‘North Tin Zone’”.

·        The announcement highlights intersections in the SVS, which hosts the 2019 Mineral Resource Estimate (MRE) including:

• A 4.59m wide intersection at an average grade of 0.42% tungsten trioxide (WO3), 0.35% tin and 0.38% copper (reported as 0.84% on a WO3 equivalent basis) from a depth of 497.41m downhole and including a higher-grade interval of 0.75m grading 2.33% WO3, 1.70% tin and 2.03% copper (reported as 4.27% a WO3 Eq basis) from 499.09m; and
• A 3.00m wide intersection at an average grade of 0.47% WO3, 0.52% tin and 1.32% copper (reported as 1.25% WO3 Eq) from a depth of 505.00m and including a higher-grade interval of 1.10m grading 1.24% WO3, 1.34% tin and 3.51% copper (reported as 3.29 WO3 Eq) from 505.00m; and
• A 1.52m wide intersection at an average grade of 2.09% WO3, 7.45% tin and 5.21% copper (reported as 9.60% WO3 Eq) and silver grading 72.3g/t from a depth of 528.78m; and
• A 1.38m wide intersection at an average grade of 2.68% WO3, 0.33% tin and 0.89% copper (reported as 3.19% WO3 Eq) from a depth of 535.68m; and
• A 1.08m wide intersection at an average grade of 0.05% WO3, 2.76% tin and 5.13% copper (reported as 3.70% WO3 Eq) as well as 82.9g/t silver from a depth of 538.92m; and
• A single metre wide intersection at an average grade of 1.09% WO3, 0.20% tin and 0.73% copper (reported as 1.45% WO3 Eq) from a depth of 558.28m; and
• A 1.24m wide intersection at an average grade of 9.28% WO3, 4.00% tin and 4.34% copper (reported as 13.73% WO3 Eq) from a depth of 563.13m and including 0.60m at a grade of 18.96% WO3, 2.76% tin and 3.19% copper (reported as 22.09% WO3 Eq) from a depth of 563.13m which is described as the “Second highest-grade tungsten sample interval … and the single highest-grade tungsten equivalent sample interval … recorded to date”.

·        As the assays from 528.78m and 538.92m and a 0.64m interval averaging 0.19% WO3 , 5.17% tin, 5.41% copper and 74.7g/t silver at 563.73m depth shows. today’s announcement also reports a continuation of a mineralogical association including silver observed in previous holes of the 2025 drilling campaign and first identified as part of last year’s programme to relog historic core from the 2017/18 exploration campaign.

·        Lode type copper and tin mineralisation was intersected at shallower depths in the hole including:

• A 3m section averaging 0.15% WO3, 0.15% tin and 0.14% copper (reported as 0.32% WO3 Eq) from a depth of 285.00m and including a single metre grading 0.23% WO3, 0.40% tin and 0.15% copper (reported as 0.59% WO3 Eq) at 285m depth; and
• 3.60m at a grade of 0.06% WO3, 0.14% tin and 0.10% copper (reported as 0.20% WO3 Eq) from a depth of 290.50m; and
• 2.00m at a grade of 0.00% WO3, 0.19% tin and 0.01% copper (reported as 0.16% WO3 Eq) from a depth of 298.00m; and
• 1.52m at a grade of 0.30% WO3, 0.06% tin and 0.24% copper (reported as 0.41% WO3 Eq) from a depth of 396.85m; and
• 3.42m at a grade of 0.11% WO3, 0.24% tin and 0.03% copper (reported as 0.32% WO3 Eq) from a depth of 402.08m, including 2.00m at a grade of 0.01% WO3, 0.40% tin and 0.03% copper (reported as 0.35% WO3 Eq) from a depth of 402.08m.

·        Commenting on the results Dennis Rowland, Managing Director of the operating company, Cornwall Resources, said that they “demonstrate the quality of mineralisation at Redmoor … [and confirm] … the continuity of SVS mineralised structures within the high-priority section of the Exploration Target”.

• Mr. Rowland confirmed that all the assay results from the 2025 drilling have now been included in the database and Mark Burnett, Executive Director of Strategic Minerals, said that Strategic Minerals is “on schedule to complete the MRE and economic updates for the project by the end of Q1 2026 and move swiftly into the next phase of development”.

Conclusion: Strategic Minerals has now included all the results of its 2025 drilling in the Redmoor database and a new MRE is expected later this month.  The drilling has demonstrated continuity to the SVS which hosts the 2019 mineral resource estimate, and we are optimistic that incorporation of the new data will help to upgrade and expand the scale of the SVS resource. It has also identified a previously unrecognised tin zone which may also contribute to the updated estimate.

*SP Angel acts as Nomad and broker to Strategic 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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SPA, its partners, officers and/or employees may own or have positions in any investment(s) mentioned herein or related thereto and may, from time to time add to, or dispose of, any such investment(s).

SPA is registered in England and Wales with company number OC317049.  The registered office address is Prince Frederick House, 35-39 Maddox Street, London W1S 2PP.  SPA is authorised and regulated by the UK Financial Conduct Authority and is a Member of the London Stock Exchange plc.

MiFID II - Based on our analysis we have concluded that this note may be received free of charge by any person subject to the new MiFID II rules on research unbundling pursuant to the exemptions within Article 12(3) of the MiFID II Delegated Directive and FCA COBS Rule 2.3A.19.

A full analysis is available on our website here http://www.spangel.co.uk/legal-and-regulatory-notices.html. If you have any queries, feel free to contact our Compliance Officer, Tim Jenkins (tim.jenkins@spangel.co.uk).

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.