SP Angel . Morning View . Thursday 12.03.26

MiFID II exempt information – see disclaimer below

80 Mile Plc* (80M LN)  – Offer for remaining minority shares in White Flame Energy

Anglo Asian Mining* (AAZ LN)  – One million ounces of gold equivalent produced since the start of operations

Aura Energy* (AURA LN)  – Deferral of Häggån spin-out

Asiamet Resources (ARS LN)  – Regulatory approval for sale of the KSK project

Cobra Resources (COBR LN)  – Rare-earths resource drilling underway in South Australia

DeSoto Resources* (TCG AU) – Boosting land package in Guinea

First Class Metals (FCM LN)  – Visible gold in core from the Sunbeam property, Ontario

GreenX Metals (GRX LN)  – Interim results as Tannenburg Copper MRE the focus

Jubilee Metals Group (JLP LN)  – Sourcing feed for the Roan concentrator in Zambia

Liontown Resources (LTR AU) – Ramp up on track with 1.5mtpa mining rate targeted by end of month

Marimaca Copper (MARI CN) – Drilling extends Pampa Medina high-grade copper discovery

Resolute Mining (RSG LN)  – Go-ahead on Doropo project, Cote d’Ivoire

South32 Ltd (S32 LN)  – Eyeing BHP’s West Musgrave asset

Sovereign Metals* (SVML LN)  – Offtake signed with Mitsui for 31.5% of planned annual rutile output

Turaco Gold* (TCG AU) – MRE growth imminent with PFS due 2Q26

Gold ($5,188/oz) prices capped by dollar strength as inflation concerns return

• Gold prices have been rangebound despite continued military escalation in the Middle East.
• The metal continues to trade between $5,100/oz and $5,200/oz, with a breakout higher currently constrained by a stronger dollar.
• The dollar index has climbed back to 99.3 as US Treasury yields climb on inflation concerns.
• Oil prices spiked again this morning as tankers continue to avoid the Straits of Hormuz, constraining global oil supply.

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

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Currencies

US$1.1555/eur vs 1.1613/eur previous. Yen 158.72/$ vs 158.34/$. SAr 16.521/$ vs 16.316/$. $1.339/gbp vs $1.343/gbp. 0.714/aud vs         0.717/aud. CNY 6.873/$ vs 6.869/$.

Dollar Index 99.33 vs 98.86 previous.

Economics

Precious metals:

Gold US$5,181/oz vs US$5,187/oz previous

   Gold ETFs 99.9moz vs 99.8moz previous

Platinum US$2,190/oz vs US$2,179/oz previous

Palladium US$1,666/oz vs US$1,657/oz previous

Silver US$86.8/oz vs US$86.9/oz previous

   Silver ETFs 817.5moz vs 819.2moz previous

Rhodium US$11,500/oz vs US$11,650/oz previous

Base metals:   

Copper US$13,060/t vs US$13,002/t previous

Aluminium US$3,528/t vs US$3,402/t previous

Nickel US$17,750/t vs US$17,405/t previous

Zinc US$3,321/t vs US$3,320/t previous

Lead US$1,944/t vs US$1,942/t previous

Tin US$50,070/t vs US$50,050/t previous

Energy:

Oil US$96.4/bbl vs US$89.7/bbl previous

·        Crude oil prices moved higher despite the IEA announcing a 400mb release of oil reserves, as global supply continues to tighten in response to the effective closure of the Strait of Hormuz to international vessels. 

·        The EIA’s weekly petroleum report estimated w/w US inventory builds of 3.8mb to crude, offset by draws of 3.7mb to gasoline and 1.3mb to distillate stocks, with refinery utilisation rising 1.6% to 90.8% 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 29.3% full (vs 42.7% 5-Yr average), with aggregate inventory at 334TWh and German storage levels up a tad to 21% full (vs 43.2% 5-Yr average).

Natural Gas €52.2/MWh vs €49.0/MWh previous

Uranium Futures $85.7/lb vs $85.7/lb previous

Bulk:

Iron Ore 62% Fe Spot (Singapore) US$107.5/t vs US$104.2/t

Chinese steel rebar 25mm US$465.7/t vs US$465.9/t

HCC FOB Australia US$221.5/t vs US$221.5/t

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

Other:  

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

NdPr Rare Earth Oxide (China) US$112,024/t vs US$118,288/t

Lithium carbonate 99% (China) US$21,968/t vs US$22,420/t

China Spodumene Li2O 6%min CIF US$2,125/t vs US$2,185/t

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

China Tungsten APT 88.5% FOB US$2,313/mtu vs US$2,248/mtu

China Tantalum Concentrate 30% CIF US$212/lb vs US$206/mtu

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

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

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

China Ilmenite Concentrate TiO2 US$260/t vs US$260/t

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

China Rutile Concentrate 95% TiO2 US$1,142/t vs US$1,143/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

Geely outsell BYD at start of the year to become China's top carmaker

• Geely has had flat sales at the start of the year, with sales rising 1% yoy to 476,327 vehicles in January and February.
• BYD has seen sales slump 38.5% at the start of the year, with sales down to 400,241 in the first two months.
• Geely's streamlining of its range has won over drivers, with its Xingyuan hatchback becoming China's best selling car last year.
• Sales in the first few months in China are typically volatile due the New Year holiday, and demand is expected to strengthen across March.

Company News:

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80 Mile Plc* (80M LN) – 1.11p, Mkt cap £55m – Offer for remaining minority shares in White Flame Energy

• 80 Mile plc has written to the last 3.36% of outstanding shareholders in White Flame Energy Ltd in relation to increasing its stake from 96.64% to 100%.
• 80 Mile is offering 1.61 if its shares for every share in White Flame Energy.
• Should all minority shareholders accept the Offer, this will result in the issue of 10,047,176 share in 80 Mile plc.
• The deadline for acceptance 12:00pm GMT on 27 March 2026.
• White Flame Energy is exploring for industrial gasses on highly prospective, untested, onshore concessions in the Jameson Land area of South Eastern Greenland.
• Substantial funds have been invested in the region in the past giving some indication of potential for industrial gas discovery

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

Anglo Asian Mining* (AAZ LN) 294p, Mkt Cap £336m – One million ounces of gold equivalent produced since the start of operations

(AAZ holds 100% of the Demirli copper mine)

• Anglo Asian Mining are proud to report their production of 1moz of gold equivalent since the start of operations in 2009.
• The company has achieved ~851,000oz of gold, 1.9moz of silver and >30,000t of copper at end January.
• Most of this is from the open pit at the Gedabek gold and copper mine in Azerbaijan.
• Management have since developed a new underground copper, gold mine at Gilar and continue to investigate options on a number of other copper projects in the region.
• The new Demirli copper mine is seen as transforming the company into a copper producer from a formerly predominant gold production.
• Management expect copper production to triple this year driven by new copper output from the Gilar and Demirli mines.
• FY26 production guidance (100%):
  • Copper 20.0-25.0kt (2025: 7.9kt)
  • Gold 28.0-33.0koz (2025: 25.1koz)
  • Silver 170-210koz (2025: 153koz)
• AISC guidance:
  • $1,500-1,800/oz for gold (post PSA)
  • $6,800-7,800/t for copper (post PSA)
  • Copper AISC excludes annual Demirli plant lease fee that adds extra ~$1,000/t if accounted for
• Demirli is expected to hit ~15,000tpa of copper this year

Conclusion: Few, if anyone, would have forecast production of 1moz eq when we first visited the historic Gedabek mine site in 2005.

Since then, management have completely transformed the local economy over the past 20 years, enabling the training and education of skilled personnel and payment of significant taxes to the government of Azerbaijan.

Much credit goes to the long established and respected management team who have diligently steered the company to its current form.

*SP Angel acts as nomad and broker to Anglo Asian Mining. The analyst has visited the Gedabek and Gilar mines as well as the Xarxar and Garadag projects.

Aura Energy* (AURA LN) 5.75p, Mkt Cap £69m – Deferral of Häggån spin-out

• Aura Energy reports the deferral of its plans to seek a TSX listing for its Häggån polymetallic project in Sweden.
• The decision is prompted the Sewdish Government’s “inquiry into the mining of alum shale and an improvement in general market conditions”.
• Aura Energy “believes that Sweden’s existing rigorous permitting standards are effective and sufficient … [and] … hopes that the 2026 inquiry will bring certainty to the permitting process, while addressing local communities’ concerns”.
• Confirming that Aura Energy remains “committed to unlocking the significant value of the Häggån project … [Executive Chairman, Phil Mitchell said that] … while the inquiry is ongoing, and given current market conditions, Aura and potential investors into the Häggån project believe that it is prudent to defer the previously announced transaction”.

Conclusion: The Häggån deal is being deferred awaiting the outcome of the Swedish Government’s enquiry and an improvement in market conditions.

*SP Angel acts as Nomad to Aura Energy

Asiamet Resources (ARS LN) – 1.6p, mkt cap £52m – Regulatory approval for sale of the KSK project

• Asiamet Resources reports that Norin Mining, the proposed purchaser of the KSK copper project in Kalimantan has now received Chinese regulatory approval to proceed with the transaction.
• Today’s announcement says that “Completion of the Transaction remains subject to the satisfaction of the remaining conditions, including relevant Indonesian regulatory processes, as previously announced”.
• Describing the approval as “an important step towards completion of the sale of Indokal and the KSK project … [CEO, Darryl McClelland, said that] … Good progress continues to be made towards completion”.

Cobra Resources (COBR LN) 5.25p, Mkt Cap £49m – Rare-earths resource drilling underway in South Australia

• Cobra Resources confirms the start of resource delineation drilling at its Wudinna rare earth prospects, Boland and Head, South Australia.
• Using sonic drilling equipment, a total of 36 drillholes (~2,000m) is planned at the Boland ionic clay deposit and a further 54 holes (~2,500m) at the Head prospect to provide data for an initial mineral resource estimate.
• Drilling is expected to take 4-6 weeks with the first assay results likely in early April.
• Commenting on metallurgical work by Australia’s Nuclear Scientific Technology Organisation (ANSTO) which showed that “Boland was the only project that achieved metallurgical recoveries of 25% with tap water in sequential leach tests” Managing Director, Rupert Verco said that “It is now time to demonstrate scale to underpin a multigenerational operation”.
• Mr. Verco explained that “The Head target has ISR … [In Situ Recovery] … recoverable mineralisation up to 8 metres thick, and initial metallurgical results are favourable too. This target has the potential to add significant scale and economic efficiency due to these broad intersections and is the next priority”.

DeSoto Resources* (TCG AU) A$0.16, Mkt Cap A$44m – Boosting land package in Guinea

• DeSoto Resources, who are exploring for gold in Guinea, provide an update.
• The Company, backed by ex-Predictive Discovery’s Paul Roberts, has added a further 242km2 to its Guinean exploration portfolio.
• The Dalaban, Woussoubadou and Branama Projects lie in the Southwest-Siguiri and are along strike from AngloGold Ashanti’s Siguiri Mine and Asara Resources’ Kada Project.
• The projects sit within a target corridor identified by Dr Barry Murphy and Paul Roberts.
• The Company has begun initial reconnaissance work with Bulk Leach Extractable Gold stream sediment sampling programmes this week.
• Target prioritisation will be followed by rock chip and soil sampling alongside regolith and artisanal mapping.
• The focus is on identifying prospective host rocks with felsic intrusives to guide power auger, aircore and RC drilling.
• DeSoto will pay $300k in stock.

*SP Angel analyst(s) hold shares in DeSoto Resources

First Class Metals (FCM LN) 1.55p, Mkt Cap £2.9m – Visible gold in core from the Sunbeam property, Ontario

1. First Class Metals reports that it has intersected visible gold in core from one of the holes drilled in its current ~1,000m drilling programme at the Roy prospect on its Sunbeam property located around 230km west of Thunder Bay in Ontario.
2. Commenting that the programme “is nearing completion” today’s announcement says that it “has consistently intersected the targeted mineralised package” over “more than 250 metres of strike, and could extend beyond 350 metres once the final holes of the programme are completed”.
3. Marc Sale, CEO, said that the “identification of visible gold is a huge uplift for the exploration team … [and it may be] … associated with potentially high gold grades”.

GreenX Metals (GRX LN) 49p, Mkt Cap £149m – Interim results as Tannenburg Copper MRE the focus

• GreenX reports half-year accounts to 31st December 2025.
• Company reports cash position of €1.2m at year end, subsequently raising A$13.6m via an equity placing.
• The Singapore Court has rejected Poland’s application to set aside the ECT award awarding GreenX £252m in compensation and interest.
• The Company is preparing enforcement activities following the Singapore decision, with Poland appealing the ECT set-aside rejection.
• Tannenberg Project:
• GreenX has been reassaying historical core from the German Kuperschiefer at its Tanneberg Project.
• Confirmation of historical estimates suggest c.728kt Cu at 2.59% Cu.
• Going forward, GreenX is logging, assaying and completeting hypespectral scanning of historical core alongside reprocessing and analysing historical geophysical data.
• Management is also collating historical geological, mine development and production data.
• The focus is on targeted drilling to verify these historical datasets and expanding the historical estimates to deliver a JORC MRE for Tannenberg.

Conclusion: GreenX is conducting an extensive logging and assaying programme alongside analysis of historical copper production and mining at their Tanneberg Copper Project in Germany. This will enable targeted drilling to deliver a JORC MRE for the project. We see Tannenberg as one of the most interesting European copper development stories on the market, backed by a strong team and now well-funded following the recent A$13.6m equity raise.

Jubilee Metals Group (JLP LN) 3.9p, Mkt cap £121m – Sourcing feed for the Roan concentrator in Zambia

• Jubilee Metals reports that it has secured additional high-grade copper feed material for its Roan concentrator in Zambia
• The undisclosed additional tonnage is reported to grade around 1.65% copper and is sourced from Jubilee’s “existing feed partner” in return for US$1.8m payable in Jubilee Metals’ shares “at a price of 4.48 pence per Share”.
• The announcement also confirms that purchases of over 240mt of material being supplied to its ‘Large Waste Project’ will also be settled in shares at the same price.
• CEO, Leon Coetzer, confirmed that “The Large Waste Rock Project continues to progress towards the conclusion of a joint venture, with two potential partners shortlisted for the project to upgrade the copper stockpile and refine the recovered material into copper”.
• He commented that the “settlement of the purchase of high-grade ore and the next instalment of the Large Waste Project in shares highlights that our partners share our conviction in Jubilee's long-term growth and potential”.

Conclusion: Following the divestment of its South African chrome and PGM operations Jubilee Metals is expanding its supply sources for its copper processing business in Zambia

Liontown Resources (LTR AU) A$1.6, Mkt Cap A$5.2bn – Ramp up on track with 1.5mtpa mining rate targeted by end of month

• Liontown reports half-year results to 31st December 2025.
• The Company reported spodumene concentrate up 70% over the period to 193kt.
• Company reports unit realised prices of $750/t CIF, up 5%.
• Unit costs fell 13% to A$985/t and AISC down 15% to A$1,179/t.
• Revenue for the period up 107% to A$208m.
• Underlying EBITDA reported at -A$8m.
• Cash balance increased to A$390m, supported by August equity raise.
• Operationally, Company notes ramp-up is tracking to plan, with 1mtpa run rate reached in the September quarter at 225ktpa ore mined, increasing to 308ktpa in the December quarter.
• Average grade processed of 1.3% with lithia recoveries reported at 61%.
• Liontown is targeting 1.5mtpa underground ore mined by March 2026, with 2.8mtpa targeted by end of June 2027.

Marimaca Copper (MARI CN) C$9.6, Mkt Cap C$1.3bn – Drilling extends Pampa Medina high-grade copper discovery

• Marimaca reports drilling from its manto-style sedimentary Pampa Medina project, which lies 28km to the MOD Project.
• Hole SWRD-02 was drilled 600m west of previous drilling and returned:
  • 74m at 1.21% Cu and 7.9g/t Ag from 520m inc. 12m at 2.07% Cu and 17.2g/t Ag from 532m
• Hole SMRD-34 was drilled between SWRD-02 and SMRD-24 on a 300m spacing intersected:
  • 36m at 1.08% Cu and 13.8g/t Ag from 158m
  • 24m at 1.37% Cu and 12.2g/t Ag from 600m
• Hole SWRD-01 was drilled 300m north of SWRD-02 and 300m west of SMRD-16, returning:
  • 38m at 1.43% Cu and 11.8g/t Ag from 694m
  • 14m at 1.86% Cu and 19.3g/t Ag from 718m
• Management notes that the 300m spacing drill programme leaves the extent of the mineralised system undefined to date, with the system now expanding to 3km x 2km.
• Drilling has identified mineralisation over a minimum true thickness of 20-30m, often rising to 100m, which may support bulk tonnage mining methods at lower unit costs.
• Company notes their exploration is strengthening as they evolve their interpretations of the manto-system.
• Marimaca is set to expand the drilling programme to 10 drill rigs to drill 100,000m in 2026.

Resolute Mining (RSG LN) 75p, Mkt Cap £1,620m – Go-ahead on Doropo project, Cote d’Ivoire

• Resolute Mining confirms that it has approved development of the Doropo Gold project in Cote d’Ivoire.
• The December 2025 DFS, based on a god price of US$4,000/oz, envisages capital investment of US$516m generating an after tax NPV5% of US$2,543m and IRR of 72% from the production of ~2.2m oz of gold over a 13 year mine life.
• Over its life, the project is expected to average around 169,000oz of annual gold production at an all-in-sustaining cost of US$1,472/oz with the first five years of the project averaging 204,000ozpa of production at US$1,360/oz.
• Initial production is expected during 2028.
• Sensitivity analysis shows that a gold price of US$5,000/oz increases the NPV5% to US$3,629m.
• Releasing its 2025 mineral reserves and resources recently Doropo’s mineral inventory was confirmed at 2.5moz of reserves and 4.4m oz of resources.
• CEO, Chris Eger, said that the decision to proceed with Doropo “represents an important growth milestone for Resolute that advances our strategy to become a diversified gold producer, on track to achieve annual production of over 500 koz by the end of 2028”.
• He said that the go-ahead for the project reflects its quality as well as “the robustness of our technical work, and our confidence in the operating environment”.

Conclusion: Resolute Mining’s decision to develop the Doropo project is expected to list Resolute Mining’s annual production to 500kozpa by late 2028.

South32 Ltd (S32 LN) 234p, Mkt Cap £10.3bn – Eyeing BHP’s West Musgrave asset

• The Australian reports South32 has emerged as ‘one of the leading contenders’ for BHP’s West Musgrave copper-nickel project.
• South32 is reportedly most interested in the West Musgrave copper potential.
• The BHP asset is reportedly being valued at A$1bn with A$300m in rehabilitation liabilities.
• The article suggests Sandfire was looking at the asset but has reportedly stepped back.

Sovereign Metals* (SVML LN) 42.5p, Mkt Cap £281m – Offtake signed with Mitsui for 31.5% of planned annual rutile output

(Sovereign currently holds 100% of the Kasiya project. Malawi has 10% free carry right. Rio Tinto holds 18.5% of Sovereign Metals)

• Sovereign Metals report the signing of a non-binding MOU signed with Mitsui & Co. for the production of rutile.
• The offtake is largely destined for the Japanese titanium industry which accounts for ~20% of global titanium metal production capacity.
• Toho Titanium and Osaka Titanium Technologies account for over 60% of high-grade aerospace-certified titanium produced outside of China.
• Japan produces some 59,000-65,000tpa of high-quality titanium sponge for metal forms.
• China has tripled production over the past seven years and now produces >65–75% of titanium sponge globally and ~66% of titanium mill products.
• The move precedes China’s planned growth in production for passenger airliners as well as military aircraft with Chinese sponge material not yet qualified for many western aerospace applications.
• China also controls >55% of global TiO₂ pigment capacity.
• Japan recently expressed a deep sense of concern and urgency over potential for critical mineral supply chain disruptions.
• Offtake framework: up to 70,000tpa of natural rutile concentrate (TiO₂ >95%) from the Kasiya mine with an initial four-year supply and potential five-year extension.
• Pricing is to be agreed but will reference market prices for equivalent specification natural rutile concentrate at the time of shipping.
• Optimised PFS January 2025:
• Throughput:
  • 12mtpa for Stage 1 rising to 24mtpa in Stage 2
• Production
  • Rutile: 222,000tpa
  • Graphite:  233,000tpa
• Financial metrics
  • Capex (Stage 1):  $665m for years 1 to 4. Capex (LoM):  $1,127m – for life of mine. Sustaining capex:  $397m
  • Operating costs:  $423/t of production
  • EBITDA: $409m. Revenue $640mpa. Revenue (total LoM): $16,367m
  • NPV@8:  $2,322m pre-tax
  • IRR: 27% pre-tax

Assumptions:

• Rutile: US$1,490/t. Graphite: US$1,290/t

Conclusion:  The non-binding offtake agreement with Mitsui covers 31.5% of the total expected average annual production from the Kasiya mine.

The proportion of production covered will likely be higher as the mine ramps up production.

Rio Tinto recently announced the cancellation of its most recent attempt to sell its titanium business and has committed $473m of investment into its Zulti South project, Richards Bay in South Africa.

Rio Tinto have 90 days from the publication of the Kasiya project DFS to elect if it will become operator of the Kasiya rutile and graphite project in Malawi.

This option can be extended to 180 days if Rio Tinto advises it needs additional time to consider the option.

If Rio Tinto becomes the operator, it will be granted the exclusive right to purchase 40% of the annual production of Kasiya mine output.

While Rio Tinto has deepened its partnership with Sovereign Metals, it has not yet confirmed it will take over operations, with the final decision likely contingent on the upcoming DFS results. 

*SP Angel act as Nomad and broker to Sovereign Metals. The analyst has visited the Kasiya mine site and highly recommends the Malawi coffee.

Turaco Gold* (TCG AU) A$0.70, Mkt Cap A$737m – MRE growth imminent with PFS due 2Q26

• Turaco Gold, who are developing the Afema Gold Project in Cote d’Ivoire, provide drilling updates.
• The Company report results from the continuous oxide gold zone at Namienlessa SW and Affienou West.
• Highlights include:
  • AFRC0049: 14m at 3.18g/t Au from 50m
  • AFRC0050: 13m at 2.23g/t Au from 41m
  • AFRC0084: 9m at 2.44g/t Au from 7m
  • AFRC0046: 15m at 1.34g/t Au from 26m
• Company notes that Niamienlessa SW occurs from surface and remains open in ‘all directions.’
• Management notes that the Niamienlessa-Affienou trend is a separate mineralised structure to the Afema Shear, located within 15km of the Woulo Woulo deposit.
• Company also results five diamond hole assay results at Adiopan, including:
  • ADIDD0028: 25m at 1.96g/t au from 156m
  • ADIDD0026: 12m at 3.21g/t Au from 192m
  • ADIDD0030: 24m at 1.6g/t Au from 100m
  • ADIDD0029: 12m at 2.26g/t Au from 113m
• The Namienlessa SW prospect will not be included in the pending MRE, but will support future MRE growth.
• Management announces that the updated 4.1moz Afema MRE is being finalised, incorporating Adiopan drilling, and is due this month.
• The updated MRE will be used to support the Afema PFS, which is due 2Q26.
• Company notes that exploration drilling continues at Baffia, Kotoka, Herman and elsewhere along the Afema Shear.

*SP Angel analyst(s) hold shares in Turaco Gold

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

No1 for Precious Metals: CY 2025

No.1 in Precious Metals: Q1 2025

No.1 in Precious Metals: CY 2024

No.2 in Base Metals: CY 2024

Analysts

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

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

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

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

Sales

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

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

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

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

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.