SP Angel . Morning View . Thursday 09.04.26

80 Mile Plc* (80M LN)  – 80 Mile consolidates holding in White Flame Energy

Great Southern Copper (GSCU LN)  – Geophysics helping define drilling targets at Viuda, Chile

Mkango Resources* (MKA LN)  – Successful commissioning of German HyProMag plant

Rome Resource (RMR LN)  – Latest drilling shows depth potential to tin mineralisation at Kalayi, DRC

Thor Explorations (THX LN)  – Segilola production supports $244m EBITDA for FY25

West African Resources (WAF AU) – Production on track as discussions continue with the Burkina Faso government

Gold ($4,730/oz) holds higher ground despite ceasefire violation as dollar stabilises lower

• Gold prices lost ground following yesterday’s 2.5% rally, sliding back from $4,834/oz.
• The metal had rallied in line with risk assets following the ceasefire announcement, before pulling back on reports of violations in the Middle East.
• Interestingly, gold has made a sustained move higher from recent lows of $4,100/oz as investors look to the longer-term trends supporting the metal.
• We note the GDX remains 15% below its recent highs as investors sold off gold mining equities in a move to take profits and secure liquidity.
• Given gold’s strength in recent weeks, we would not be surprised to see miners and developers continue to recover as the market looks to longer-term gold prices >$4,000/oz.
• News reports suggest France has moved 129 tonnes of gold from NY to Paris
• The Banque de France sold the bars held in the US Federal Reserve and then bought the gold back for its Paris reserve
• The trade is reported to have made the Banque de France €12.8bn in the process.
• France’s total ~2,437t gold reserve is now held in an underground vault in La Souterraine.
• The sell-and-rebuy strategy avoided the need to move physical gold across the Atlantic.

Copper - Iranian copper smelters close

• Satellite data shows the Sar Chesmeh and Khatoon Abad smelters are closed
• The smelters have 250,000tpa and 120,000tpa capacity respectively

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$1.1661/eur vs 1.1690/eur previous. Yen 158.89/$ vs 158.25/$. SAr 16.488/$ vs 16.407/$. $1.339/gbp vs $1.342/gbp. 0.703/aud vs 0.706/aud.

CNY 6.838/$ vs 6.826/$. Dollar Index 99.09 vs 98.87.

Economics

US - The Fed is holding 3.50–3.75% in a near unanimous decision

• Fed members now see US interest rates within its neutral level with the potential for rate cuts now looking unlikely
• The Fed wary of businesses reaction to the disruption and inflation caused by the Iran campaign.
• Higher oil prices may also cut household expenditure and risks reducing overseas growth.
• Higher than expected inflation will be driven by disruption to input materials with fuel surcharges now seen in areas where fuel prices are a significant item.
• While Trump may wish rates lower, the Fed is near unanimous to maintain risks against the current geopolitical backdrop.

Japan – Japan Governor indicates ongoing supportive monetary policy

• The BoJ Governor has emphasized that monetary policy remains supportive with real interest rates still clearly negative.
• Ueda warned increased government spending could drive up market interest rates, raising the risk of "crowding out" private sector investment.
• Accommodative conditions appear to be driving a moderate uptrend in capital expenditure suggesting negative real rates remain an effective transmission channel.

Eurozone – PPI -3.0% yoy and -0.7% mom in February on lower energy prices before the Iran conflict

• Energy prices fell -2.4% mom
• Intermediate goods rose 0.3%
• Capital goods rose 0.3%
• Durable consumer goods rose  0.2%
• Non-durable consumer goods fell -0.2%.

Strait of Hormuz - Citrini Research analyst #3 report on Strait of Hormuz

• Hats off to Analyst #3 for a very entertaining read and for his adventurous travels to the Strait of Hormuz.
• News of so much ongoing smuggling, shipping, drones and other activity around the Strait of Hormuz is interesting.
• Fortunately, Analyst #3 was not captured by the IRGC or we might be seeing him paraded on Iran TV as an American spy.
• The key points are that nobody in the area believe the Iranian’s have mined the Strait and that more shipping is passing through than previously thought.
• This is good news, but less good are the anecdotal stories of Iranian drones blowing up fishing boats and IRGC executing local smugglers.

Iran / US – The US came close to losing a Colonel this week and facing the prospect of a tortured officer paraded on global TV

• Trump spins it as an amazing rescue mission, but we all know the US came close to a far worse scenario.
• Many in the IRGC are murderous zealots and they know how to inflict pain on American airmen.
• Israel continues to strike Hezbollah in Lebanon in contravention to Iran’s demand for a halt to strikes in the area.
• We expect the ceasefire to be broken many times but for the US to remain restrained unless Iran downs a commercial airliner or something equally heinous.
• The IRGC says the The Strait of Hormuz is closed following Israeli airstrikes in Beirut but we see the waterway as semi open
• eg it is open to Iranian tankers and vessels which pay the new toll fee. Apparently the Greeks are particularly good at negotiating their passage with the IRGC authorities.
• The situation will accelerate the move away from oil & gas dependence and into EVs, solar, wind power, nuclear + battery storage.

Iran - Iran says an oil refinery on Lavan Island was struck by airstrikes at around 10am yesterday

• Iran’s National Iranian Oil Refining and Distribution Company says the refinery facilities were subjected to an attack.
• The IDF deny any involvement in the reported strike targeting the oil refinery.

UAE – Iran continues to fire missiles and kamikaze drones into the UAE

• The attacks have killed 12 and injured 224
  • 537 ballistic missiles
  • 26 cruise missiles
  • 2,256 drones
• While the negotiators talk of ceasefire and the potential for peace IRGC forces continue to fire missiles at their neighbours

Saudi Arabia – Air defences intercept 5 ballistic missiles, down 4 drones between Tuesday and Wednesday

• Saudi Arabia says it has intercepted 799 drones and 95 missiles since 3rd March (Saudi Gazette).
• Saudi air defenses have consistently intercepted and destroyed incoming threats before reaching their intended targets.

Kuwait – intercepts 4 missiles and 42 drones as Key Facilities Come Under Attack from Tuesday to Wednesday.

• The attacks targeted several facilities linked to the Kuwait Petroleum Corporation, as well as key infrastructure including power stations and water desalination plants. (Times Kuwait)

Precious metals:         

Gold US$4,723/oz vs US$4,813/oz previous

   Gold ETFs 98.5moz vs 98.5moz previous

Platinum US$2,015/oz vs US$2,040/oz previous

Palladium US$1,557/oz vs US$1,543/oz previous

Silver US$73.9/oz vs US$77.1/oz previous

   Silver ETFs 798.5moz vs 798.0moz previous

Rhodium US$10,200/oz vs US$10,100/oz previous

Base metals:   

Copper US$12,597/t vs US$12,729/t previous

Aluminium US$3,461/t vs US$3,503/t previous

Nickel US$17,195/t vs US$17,335/t previous

Zinc US$3,279/t vs US$3,343/t previous

Lead US$1,934/t vs US$1,961/t previous

Tin US$46,960/t vs US$48,275/t previous

Energy:

Oil US$97.7/bbl vs US$94.4/bbl previous

• Crude oil prices edged higher on concerns that the two-week ceasefire would fail to hold, as the EIA’s 2026 Annual Energy Outlook forecast falling domestic transportation demand for oil and Brent crude oil prices that would remain below $70/bbl in real terms through 2030, leading to decreased US crude oil production through the mid-2030s. 
• The EIA’s weekly petroleum report estimated a w/w US inventory build of 1.3mb to crude, offset by draws of 1.6mb to gasoline and 3.1mb to distillate stocks, with refinery utilisation falling 1.1% to 91.1% on 13.6mb/d of domestic output.
• European energy prices were stable as warmer than usual Spring temperatures allowed EU natural gas storage levels to increase by 1.1% w/w to 28.8% full (vs 41.6% 5-Yr average), with aggregate inventory at 325TWh.
• The UK has approved the 800MW Springwell Solar Farm in Lincolnshire, which will cover seven square miles and follows Labour ending planning rules in 2024 that previously blocked the construction of new solar farms on agricultural land. 
• ITM Power announced a £40m strategic equity investment by Great British Energy (GBE), which takes a ~10% shareholding at a price of 55.56p/sh (13.7% discount to close), and a £46.5m grant by the Department for Energy Security and Net Zero (DESNZ) to part-fund a new £120m Chronos electrolyser stack manufacturing line at its facilities in Sheffield.

Natural Gas €46.3/MWh vs €44.6/MWh previous

Uranium Futures $85.4/lb vs $84.8/lb previous

Bulk:   

Iron Ore 62% Fe Spot (Singapore) US$102.5/t vs US$105.7/t

Chinese steel rebar 25mm US$470.8/t vs US$471.7/t

HCC FOB Australia US$232.0/t vs US$233.5/t

Thermal coal swap Australia FOB US$131.5/t vsUS$140.5/t

Other:  

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

NdPr Rare Earth Oxide (China) US$111,509/t vs US$112,439/t

Lithium carbonate 99% (China) US$21,936/t vs US$22,268/t

China Spodumene Li2O 6%min CIF US$2,080/t vs US$2,080/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$243/lb vs US$248/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$260/t

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

China Rutile Concentrate 95% TiO2 US$1,148/t vs US$1,150/t

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

Brazil Potash CFR Granular Spot US$397.5/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

Company News:

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80 Mile Plc* (80M LN) – 1.11p, Mkt cap £55m – 80 Mile consolidates holding in White Flame Energy

• 80 Mile plc report the acceptance by 2.18% of the remaining 3.36% minority interest in White Flame Energy Limited.
• The Company will issue 6,513,349 new shares to the accepting shareholders in accordance with the offer.
• 80 Mile will hold 98.82% of White Flame Energy.
• Following Admission, 80 Mile will have 5,068,076,045 shares in issue.
• White Flame Energy is exploring for oil & gas on highly prospective, untested, onshore concessions in the Jameson Land area in Greenland.
• Greenland Energy (GLND N) holes a 70% stake in the Jameson Project through the funding of drilling.
• 80 Mile retains a 30% stake in the Jameson Project through its ownership of White Flame Energy.
• 80 Mile has control of and will now hold 98.82% of White Flame Energy
• Substantial funds have been invested in the region in the past giving some indication of potential for industrial gas discovery

Conclusion: Greenland Energy has a market cap of US$229m effectively valuing 80 Mile’s stake in the business at US$8.7m (£51.3m)

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

Great Southern Copper (GSCU LN) 2.85p, Mkt Cap £20m – Geophysics helping define drilling targets at Viuda, Chile

• Great Southern Copper reports that a ground magnetic geophysical survey at its Viuda prospect in the Especularita project area in Chile has identified multiple porphyry targets.
• The company says that detailed mapping and sampling is underway “to support interpretation and drill targeting”.
• Preliminary interpretation of the ground magnetic data shows that the “prospect is dominated by a broad circular region of magnetic low, approximately 2km in diameter”.
• The geophysical work also identified a large, “untested magnetic low anomaly identified beneath gravel cover west of Viuda Negra”.
• “The magnetic low extends approximately 500m to both the NW and SE of existing drilling, indicating potential for mineralisation to extend beyond currently tested areas” and is currently being mapped and sampled.
• “Interpretation of the magnetic data is ongoing and is being integrated with detailed geological mapping and surface sampling, currently in progress. This combined dataset will be used to refine the geological model and prioritise targets ahead of the next phase of drilling”.
• The company comments that “Scout diamond drilling at Viuda Negra in 2025 … intersected broad zones of vein alteration with anomalous gold-copper mineralisation consistent with known porphyry gold type deposits including significant intervals” showing
  • 121.5m at an average grade of 0.11g/t gold and 0.05% copper from a depth of 6.5m in hole DD-004; and
  • 735m at an average grade of 0.14g/t gold and 0.1% copper from a depth of 11m in hole DD-002.
• CEO, Sam Garrett described the ground magnetic survey at Viuda as “an important step in advancing our understanding of this emerging porphyry-related gold-copper system … [which defines] …broad-scale geological features as well as discrete magnetic-low features that coincide with mapped alteration and known gold-copper mineralisation”.
• He said that “the magnetic data provides a clear vector towards potential higher-grade centres within the system. Integration of the geophysics with ongoing detailed mapping and surface sampling will directly support refined drill targeting as we progress toward a Phase II drilling programme anticipated in Q2 2026”.

Conclusion: Ground magnetic data from the Viuda prospect has identified multiple targets for the next phase of drilling which is expected to start during Q2.

Mkango Resources* (MKA LN) 35p, Mkt Cap £122m – Successful commissioning of German HyProMag plant

BUY

• Mkango reports that its German rare earth magnet recycling and manufacturing plant HyProMag has completed first commissioning.
• The plant is fully permitted to produce 750tpa of NdFeB magnets and alloys.
• Mkango notes the jet mill for processing NdFeB alloy powder has been installed, with commissioning to be completed in the coming weeks.
• Installation of other major plant equipment components is continuing sequentially with commissioning.
• The plant will initially produce 100tpa of NdFeB increasing to 350tpa with a targeted long-term nameplate capacity of 750tpa.

Conclusion: Management considers the German HyProMag plant as a cornerstone of its growth strategy. Commissioning of the plant is a major milestone for the Company and focus now will be on the successful scaling of operations in parallel to the commercialisation of HPMS technology in the UK and US.

*SP Angel acts as nomad and broker to Mkango Resources

Rome Resource (RMR LN) 0.3p, Mkt Cap £20m – Latest drilling shows depth potential to tin mineralisation at Kalayi, DRC

• Rome Resources reports the completion of its latest drilling programme at the Bisie North project in the DRC where it has recently completed a total of 17 holes over 3,050m.
• The majority of the drilling was directed at the Kalayi prospect where the company believes there is “near surface high-grade tin mineralisation … and the potential for continued mineralisation at depth”.
• Today’s announcement highlights:
  • The “Widest and strongest intercepts to date delivered during the current drilling campaign”; and
  • A “Clear progression in grade and width of mineralisation versus previous campaigns”.
• CEO, Paul Barrett, commented that although “final assays are pending, … early indicators … [from portable XRF results] … provide a compelling case for Kalayi's economic potential and suggest a clear step forward compared to previous drilling campaigns”.
• When laboratory assay results are received, they will be incorporated in an updated Mineral Resource Estimate (MRE) which is “expected in the coming weeks”.
• In October 2025, Rome Resources reported an initial mineral resource estimate for Kalayi of 0.33m inferred tonnes at an average grade of 1.36% tin and an inferred resource of 3.16mt at an average grade of 1.45% copper, 0.19% tin, 2.72% zinc &14.3g/t silver at the nearby Mont Agoma deposit.
• Mr. Barrett, confirmed that, in addition to the forthcoming update to the MRE, “Over the coming weeks … [Rome Resources expects] … to assess future development pathways for Kalayi, both technical and commercial”.

Conclusion: Completion of the latest phase of drilling at Kalayi provides a basis for a revision of the MRE and examination of the technical and commercial development options for the project.

Thor Explorations (THX LN) 80p, Mkt Cap £513m – Segilola production supports $244m EBITDA for FY25

• Thor Explorations reports results for FY25.
• The Company sold 94.1koz over the year vs 85koz in 2024, realising an average gold price of $3,422/oz.
• Thor generated revenue of $325m and EBITDA of $244m vs $193m and $123m respectively in 2024.
• Net profit reported at $196m.
• Cash position increased to $138m from $12m in 2024.
• Thor has repaid its senior debt facility and is currently debt free.
• Segilola processed 963kt of ore over the year at 3.2g/t Au.
• Thor notes stockpiles stand at 2mt at 0.79g/t Au.
• Management expects to deliver a maiden underground reserve at Segilola following 21,000m of deep drilling through 2025.
• Thor also reported a PFS for Douta in Senegal outlining:
  • $254m development CAPEX
  • 13 year LOM with 1.21moz in reserves
  • LOM AISC of $1,890/oz
  • Post-tax NPV5 of $633m at $3,500/oz Au for 61% IRR
• In Cote d’Ivoire, 4,412m of RC drilling has been completed at Guitry with a large scale sampling programme complete at Boundiali.
• Thor guides for 75-85koz in 2026 at AISC of $1,000-1,200/oz.
• Focus is on reaching FID at Douta with construction set to begin in 2H26 following permitting approvals.

Conclusion: Thor has generated a healthy cash balance from its Segilola project in Nigeria which will support the funding of the Douta construction capital requirements. Exploration continues at Segilola to better understand the project’s underground potential, whilst greenfield exploration continues in Cote d’Ivoire.

West African Resources (WAF AU) A$3.3, Mkt Cap A$3.8bn – Production on track as discussions continue with the Burkina Faso government

• Burkina Faso reports production results for the March quarter 2026.
• The Company produced 108koz Au over the quarter, selling 104koz at $4,945/oz.
• Company reiterates it is on track to deliver its guidance of 430-490koz Au in 2026.
• WAF notes lower underground mined ounces from M1 South at Sanbrado, on lower tonnage and grade, expected to increase in the coming quarters on additional stoping areas.
• At Kiaka, open pit mining tonnage increased 18%qoq, whilst processing saw mill throughput increase 8%qoq.
• Company notes it continues to discuss with the Government of Burkina Faso over an additional equity interest in Kiaka from the current 85% stake.

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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