SP Angel . Morning View . Thursday 13.11.25

MiFID II exempt information – see disclaimer below

Ariana Resources (AAU LN) – Drilling at Tavsan expands mineralised envelope

Atalaya Mining (ATYM LN) – Increased copper production and strong prices lift revenue and EBITDA

Cornish Metals* (CUSN LN) – Quarterly reports describes accelerating progress at South Crofty following updated PEA

Endeavour Mining (EDV LN) –Record FCF ($680m YTD25) driven by stronger production and spot gold prices

Largo (LGO US) – Stronger production helps costs although weak vanadium prices remain a challenge

New Frontier Minerals* (NFM LN) – Application for copper mine project in Queensland

Tertiary Minerals* (TYM LN) – Drilling at Mushima North, Zambia

Wine & Mine - Well done to the organisers of the Wine & Mine event last night in London

The combination of cheese and wine coupled with a room full of investors and mining folk made for a very good evening

Particular thanks to Spoke IR team from Perth for their superb organisation

Presenting companies:

• Cornish Metals (CUSN LN, £102m) highlighted the tremendous work and progress at the South Crofty tin mine in Cornwall supported by Vision Blue and the Nationa Wealth fund
• Orosur Mining (OMI LN, £92m) described the discovery and planning for near-term development of a high-grade gold open pit at Pepas on the Anza project in Colombia
• Mkango Resources (MKA LN, £218m) are recycling Rare Earths to produce feedstock for and manufacture permanent magnets in Europe and the US alongside the potential development of their upstream/midstream business segment
• Serval Resources (Oscillate plc) (SRVL, £1.5m) talked through the restructuring and transition into copper exploration in Botswana and Namibia
• Power Metals Corp (CVE: PWM, CAD$161m) introduced the Case Lake project, one of just five defined cesium resources in the world. Cesium carbonate sells for ~$190,000/t*

* Cesium pricing is opaque with the price derived from a US-based chemical company

Gold pushes through to $4,237/oz in London trading

• Renewed momentum is driving gold towards testing its October high of $4,366/oz.
• We see this momentum as likely to help gold make new high levels and to probably break $4,400-4,500/oz before Christmas.
• Gold pricing is being driven by a move by China and potentially other BRICS central banks to de-dollarise and increase hard asset holdings.
• We expect this dedollarisation to spill over into other hard assets including silver, platinum and a range of other metals.
• Trump signed to lift the US government shutdown which should release labour market data which is expected
• A rise in ETF holdings overnight to 97.3moz combined with substantial new gold-backed Stablecoin investment.
• Tether has issued nearly US$180bn in USDT stablecoins with one USDT approximately worth 1US$.
• Tether is reported to hold ~105t of physical gold worth around $14bn as it diversifies away from digital to more solid assets to back its stablecoins.

Copper US$10,965/t follows gold higher on consumer concerns for developing deficit

• Consumers and investors are increasingly concerned over the sourcing of copper next year with the giant Grasberg copper mine suspended.
• Experts reckon Grasberg could be in for an extended or potentially indefinite suspension as engineers try to work out how to safely restore the block cave to more normal operation.
• The suspension is causing major issues for smelters as Chinese smelters drop Treatment and Refining charges to attract more copper concentrates.
• Yesterday, we saw news of Japanese smelters and traders clubbing together to try to ensure their place in obtaining concentrate supply.

GM orders suppliers to cut out China from supply chain by 2027

• GM has instructed thousands of its suppliers to eliminate components sourced from China, targeting full withdrawal by 2027.
• The directive was issued to suppliers in late 2024 but has intensified in 2025 amid escalating US-China trade tensions.
• GM executives have told suppliers to seek non-Chinese alternatives for raw materials and parts used in North American production.
• The move follows Trump’s renewed tariffs, rare-earth export curbs from China, and semiconductor shortages that have disrupted auto production.
• GM’s independence from China covers not just EV batteries and chips, but a broad range of basic materials and components.
• The automaker has already struck partnerships with US firms on rare-earth sourcing and a Nevada lithium mine for future EV battery materials.

US - The House Select Committee on the Chinese Communist Party (CCP) issued a report on Predatory Pricing

• The report on “How the Chinese Communist Party Manipulates Global Minerals prices to Maintain its Dominance” resonates with us.
• We have witnessed Chinese miners and smelters undercutting Western production over the past 30 years supported by low-cost capital and effective subsidies from low energy and labour costs.
• We welcome the Select Committee’s findings as summarised below:
• Finding 1: The PRC government subsidizes its state mining champions with tens of billions of dollars including zero‐interest‐rate loans to support its global acquisition of mining assets. One analysis shows the PRC government provided roughly $57 billion of aid and subsidized credit for minerals projects around the world. Combined with this massive investment in supply, the PRC represents the largest consumer of minerals, making U.S. and allied price discovery nearly impossible.
• Finding 2: The PRC legal framework governing mineral price reporting gives Beijing the ability to raise and lower prices to favor its economic and national security interests. This legal framework effectively makes it illegal to publish prices that deviate from the PRC government’s wishes.
• Finding 3: PRC law effectively prohibits “objective” price reporting by Price Reporting Agencies and international exchanges, including the “London” Metals Exchange. PRC law makes it illegal to “manipulate” a price index, but when the government decides what constitutes “manipulation,” prices must follow government direction. The reach of the PRC’s market information providers and clout of its refiners means this government intervention ripples through global markets.
• Finding 4: The PRC government has aggressively expanded its international footprint for Price Reporting Agencies, which propagate the PRC’s manipulated prices. As the information center of gravity shifts to the PRC, U.S. and allied market participants will be discouraged from making investments because prices will reflect the PRC government’s will, not fundamental economic forces.
• Finding 5: The PRC government maintains a chokehold over midstream refining relying at least partially on subsidies. While the PRC cannot control where mineral deposits are located, it can control where resources are refined.
• Finding 6: The PRC developed a set of tools to control domestic mineral prices. These tools included intimidating domestic producers into ensuring that prices went the direction the government wanted. These tools would prove critical to controlling critical mineral prices.
• Finding 7: The PRC government engaged in a decades‐long strategy to dominate the rare earth supply chain. This strategy involved luring in mostly western companies to collaborate with PRC companies, then selling products. significantly below existing market participants’ prices to put competition out of business. Finally, after establishing its dominance, the PRC wielded this market clout as a geopolitical weapon.
• Finding 8: PRC rare earth exchanges are inherently untrustworthy because they are controlled by state‐owned rare earth producers. For example, China Northern Rare Earths is the largest shareholder of the new Baotou Rare Exchange, while also participating in the rare earths marketplace.
• Finding 9: Beginning in March 2022, the PRC government engaged in a whole‐of‐government effort to manipulate rare earth prices. The PRC government held two meetings, and the price of rare earths fell immediately following these meetings. This aligns with the PRC’s goal of keeping rare earth prices low to ensure western participants do not enter the market.
• Finding 10: The PRC engaged in a whole‐of‐government effort to dominate global lithium production. Each time the PRC government indicated lithium’s importance, PRC mining firms increased their acquisition of lithium assets. This acquisition spree means PRC miners are expected to continue dominating lithium production through 2030.
• Finding 11: The PRC maintains ownership or control in four of the top five lithium mines projected to drive global lithium supply. The PRC also engaged in acquisition of upstream lithium assets to ensure continued control over the supply chain.
• Finding 12: Starting in 2021, the PRC government engaged in a coordinated effort to artificially depress global lithium prices that had the effect of preventing the emergence of an America‐focused supply chain. Each time lithium prices rose, the PRC government took action to bring lithium prices back down.
• The House Select Committee on the Chinese Communist Party (CCP) is a bipartisan, select committee in the US House of Representatives focused on investigating and developing policy to counter the economic, technological, and military threats posed by the Chinese Communist Party.
• Its members are a mix of Republican and Democratic representatives, and it is led by Chairman John Moolenaar (R-MI) and Ranking Member Raja Krishnamoorthi (D-IL)..

IG TV Commodity Corner (11/11/25): https://www.youtube.com/live/o_AXkLQrE3U?si=aHc_7rSeUKfttcqT&t=7249 

ii TV - Macro trends, indicators, small caps.

• Precious metals, gold and copper : https://vimeo.com/fiveminutepitchtv/review/1125894076/5ccc1f796b
• FTSE 100 stocks, small-cap and lithium: https://vimeo.com/fiveminutepitchtv/review/1125892775/a44f96f5a1

Economics

US – Record long shutdown (43d) ended yesterday after President Trump signed interim funding legislation.

• The government can now gradually resume operations although it may take days or weeks before federal bureaucracy restarts fully.
• The Congressional Budget Office previously projected that a six-week government shutdown would lower national GDP by 1.5pp during the quarter.
• A bit over half of those losses may be recouped early next year as federal programmes resume.

China – Credit expansion hit the lowest level in more than a year in October reflecting weak borrowing demand across the economy.

• Aggregate financing was up CNY 815bn, short of CNY 1.2tn forecast by economists.
• Household mid and long term loans, a proxy for mortgages contracted again pointing to an ongoing weak demand in real estate market.

UK – 3Q25 growth came in below estimates with growth momentum falling off completely in September.

• Growth was hit by a cyberattack on Jaguar Land Rover and concerns over looming tax hikes in the Labour’s budget due in late November.
• Spending by both households and the government climbed only modestly during the quarter, and business investment fell for the second straight quarter.
• 3Q25 GDP (%qoq, Curr/Prev/Est): 0.1/0.3/0.2
• 3Q25 GDP (%yoy, Curr/Prev/Est): 1.3/1.4/1.4
• Private Consumption (%qoq, Curr/Prev/Est): 0.2/0.1/0.2
• Government Spending (%qoq, Curr/Prev/Est): 0.3/1.3/0.5
• Business Investment (%qoq, Curr/Prev/Est): -0.3/-1.1/0.4
• Exports (%qoq, Curr/Prev/Est): -0.1/0.4 (revised from -0.2)/0.0
• Imports (%qoq, Curr/Prev/Est): -0.3/0.0/0.5

Currencies

US$1.1610/eur vs 1.1585/eur previous. Yen 154.66/$ vs 154.67/$. SAr 17.017/$ vs 17.131/$. $1.313/gbp vs $1.315/gbp. 0.658/aud vs         0.654/aud. CNY 7.096/$ vs 7.118/$.

Dollar Index 99.31 vs 99.52 previous.

Precious metals:

Gold US$4,234/oz vs US$4,126/oz previous

Gold ETFs 97.3moz vs 97.2moz previous

Platinum US$1,628/oz vs US$1,596/oz previous

Palladium US$1,493/oz vs US$1,446/oz previous

Silver US$54.3/oz vs US$51.8/oz previous

Rhodium US$8,125/oz vs US$8,125/oz previous

Base metals:   

Copper US$10,965/t vs US$10,842/t previous

Aluminium US$2,906/t vs US$2,889/t previous

Nickel US$15,070/t vs US$15,000/t previous

Zinc US$3,087/t vs US$3,070/t previous

Lead US$2,089/t vs US$2,077/t previous

Tin US$37,665/t vs US$36,680/t previous

Energy:           

Oil US$62.6/bbl vs US$64.9/bbl previous

• Crude oil prices fell after the API estimated a 1.3mb w/w crude build and OPEC estimated a 0.5mb/d excess of supply over demand in global oil markets during 3Q25, with global supplies surpassing demand sooner than anticipated.
• The EIA’s November STEO updated global oil supply growth forecasts by +100kb/d m/m to 2.7mb/d in 2025 and 1.3mb/d in 2026, with global oil demand growth forecasts falling by 50kb/d m/m to 1.05mb/d in both years.
• In contrast, OPEC’s November oil report reiterates forecasts for global oil demand growth of 1.3mb/d in 2025 and 1.4mb/d in 2026, with non-OPEC supply growth up 0.1mb/d m/m to 0.9mb/d this year and 0.6mb/d next year.
• European energy prices edged lower even as EU natural gas storage levels decreased 0.7% w/w to 82.3% full (vs 91.3% 5-Yr average), with aggregate inventory at 940TWh and both Germany and the Netherlands below 75% full.
• Baytex has divested 277mboe of proved reserves in the US Eagle Ford formation producing ~83kboe/d (82% liquids) to an undisclosed buyer for $2.3bn. Completion of the deal by early 2026 will reposition the Company as a 65kboe/d (89% liquids) Canadian producer with a scalable position in the Pembina Duvernay and net cash on the balance sheet.

Henry Hub Gas US$4.47/mmBtu vs US$4.55/mmBtu yesterday

Natural Gas €30.9/MWh vs €31.4/MWh previous

Uranium Futures $77.9/lb vs $77.8/lb previous

Bulk:   

Iron Ore 62% Fe Spot (Singapore) US$102.7/t vs US$105.8/t

Chinese steel rebar 25mm US$444.4/t vs US$442.8/t

HCC FOB Australia US$196.0/t vs US$196.0/t

Thermal coal swap Australia FOB US$111.9/t vs US$111.5/t

Other:  

Cobalt LME 3m US$48,570/t vs US$48,570/t

NdPr Rare Earth Oxide (China) US$77,794/t vs US$78,327/t

Lithium carbonate 99% (China) US$11,979/t vs US$11,661/t

China Spodumene Li2O 6%min CIF US$990/t vs US$975/t

Ferro-Manganese European Mn78% min US$1,015/t vs US$1,015/t

China Tungsten APT 88.5% FOB US$718/mtu vs US$713/mtu

China Tantalum Concentrate 30% CIF US$94/lb vs US$94/mtu

China Graphite Flake -194 FOB US$400/t vs US$400/t

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

Europe Ferro-Vanadium 80% US$23.8/kg vs US$23.8/kg

China Ilmenite Concentrate TiO2 US$271/t vs US$270/t

US Titanium Dioxide TiO2 >98% US$2,961/t vs US$2,961/t

China Rutile Concentrate 95% TiO2 US$1,106/t vs US$1,103/t

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

Brazil Potash CFR Granular Spot US$355.0/t vs US$355.0/t

Germanium China 99.99% US$3,125.0/kg vs US$3,125.0/kg

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

EV & battery news



Company news

Ariana Resources (AAU LN) 1. 55p, Mkt Cap £34m – Drilling at Tavsan expands mineralised envelope

• Ariana Resources reports that infill and resource expansion drilling at its 23.5% owned Tavsan project in western Turkiye has confirmed that mineralisation extends beyond the “current JORC Resource, both at depth and along strike and in areas between planned pits”.
• Around 9,500m (71 holes) of the planned 15,000m programme has now been completed with highlighted results including:

o    An intersection of 5.10m at an average grade of 7.23g/t gold and 3.61g/t silver from a depth of 76.0m in hole TAV-D002-25; and

o    An intersection of 8.50m at an average grade of 3.70g/t gold and 2.09g/t silver from a depth of 50.7m in hole TAV-D138B-25; and

o    An intersection of 7.30m at an average grade of 4.02g/t gold and 4.81g/t silver from a depth of 35.8m in hole TAV-D045-25, which includes a higher-grade interval of 21.54g/t gold and 8.31g/t silver over a single metre at 41.5m depth; and

o    An intersection of 3.40m at an average grade of 5.01g/t gold and 5.44g/t silver from a depth of 39.4m in hole TAV-D135-25; and

o    An intersection of 6.70m at an average grade of 2.42g/t gold and 1.94g/t silver from a depth of 64.0m in hole TAV-D057-25; and

o    An intersection of 1.90m at an average grade of 8.41g/t gold and 2.38g/t silver from a depth of 29.8m in hole TAV-D125-25.

• The company explains that “infill drilling in North Zone has confirmed the continuity of the high-grade domain, as previously modelled … [and has] … intercepted mineralisation at the expected depths”.
• Today’s announcement also confirms that “peripheral drilling has indicated a continuation of mineralisation deeper than previously modelled, extending the mineralised zone into an area of 90m (dip) by 200m (strike). Additionally, drilling in the areas between the currently planned pits has shown the continuation of mineralisation across these 50m by 125m gaps”.
• Tavsan’s current ‘Measured, Indicated & Inferred’ resource of 7.65mt at an average grade of 1.26g/t gold and 4.49g/t silver hosts a ‘Proven & Probable’ reserve of ~200koz of gold and ~0.67moz of silver within 4.5mt at an average grade of 1.4g/t gold and 4.6g/t silver.
• Managing Director, Dr. Kerim Sener, explained that the recent drilling of the Tavsan North Zone is in an area which “will become the next open pit to be developed for the mine”.
• He said that the new drilling “confirms our understanding of the geology and demonstrates the continuity of some higher-grade zones in this area … [which] … facilitate an expansion of the Resource and ultimately the Reserve in this area, as we continue to work towards further increases to the expected total 8-year life of mine at Tavsan”.

Conclusion: Recent drilling at Tavsan extends the known mineralisation beyond the existing resource area and may underpin resource expansion and mine-life extension.

Atalaya Mining (ATYM LN) 694p, Mkt Cap £990m – Increased copper production and strong prices lift revenue and EBITDA

• Atalaya Mining’s Q3 financial report confirms a YTD profit of €70.9m (2024 YTD - €17.6m) and a 30th September net cash balance of €89.7m.
• The YTD result stems from the production of 39,589t of copper in concentrate at an average cash cost of US$2.33/lb and all-in-sustaining-cost of US$2.84/lb (2024 YTD 34,149t of copper at a cash cost of US$2.96/lb and AISC of US$3.26/lb).
• The company confirms its full-year guidance range of 49-52,000t of copper production with cash costs in the range US$2.60-2.80/lb and AISC between US$3.10-3.30/lb.
• Aided by the increased copper production and the current commodity price levels YTD revenues increased by ~45% to €362m (2024 -€249m) and EBITDA rose by ~2.5x to €138m (2024 €54m).
• Over the first nine months of 2025, Atalaya processed around 12.5mt of ore at an average grade of 0.41% copper achieving an average recovery of ~77.5% (2024 - ~12.2mt treated at an average grade of 0.33% copper with recovery ~85.0%).
• CEO, Alberto Lavandeira, said that Atalaya Mining has produced “another quarter of positive financial results, underpinned by solid copper production, strong cost performance and free cash flow generation that has further strengthened our balance sheet”.
• He emphasised a continuing “focus on advancing our core growth projects, which have the potential to materially increase our copper production in the coming years”.
• Mr. Lavandeira said that “In the Riotinto District, we have accelerated stripping activities at San Dionisio, continue drilling at Masa Valverde and San Antonio and are advancing engineering works on the potential polymetallic circuit”.
• San Dionisio is described as “a key component of Atalaya's strategy to increase copper production by sourcing higher-grade material from deposits throughout the Riotinto District to be blended with ore from Cerro Colorado”.
• San Antonio hosts polymetallic mineralisation located east of the Cerro Colorado pit also contributes to the strategy of feeding the Riotinto plant with higher grade ore with “eight drill holes … completed during the quarter as part of the ongoing infill and step-out drilling programme”.
• Drilling is continuing at Masa Valverde with two rigs “focused on infill and extensional drilling” to investigate “stockwork-style mineralisation, which is expected to be amenable for processing at the existing Riotinto facilities” and the recent completion of two holes to provide geotechnical information.
• “At Touro … [which the local government in Galicia describes as a strategic industrial project] … we continue to have positive engagement with the Xunta de Galicia in relation to the environmental permit”.

Conclusion: Atalaya Mining remains on course to meet its upgraded 2025 production and cost guidance while the combination of increased copper production and the current robust copper price regime has lifted YTD revenues by ~45% and boosted EBITDA by ~2.5x.

Cornish Metals* (CUSN LN) 8.2p, Mkt cap £102m – Quarterly reports describes accelerating progress at South Crofty following updated PEA

Flash Note: CLICK LINK

• In its quarterly report today, Cornish Metals reports a loss of C$10.5m for the 9 months to 30th September (2024 – profit of C$0.5m) and a closing cash balance of C$60.7m.
• Describing operational developments as Cornish Metals works towards resuming tin production at the South Crofty mine, the company highlights the results of the updated Preliminary Economic Assessment (PEA) which describes pre-production investment of £198m generating “Average annual tin production of over 4,700 tonnes for years two through six, at a lowest quartile All-In Sustaining Cost ("AISC") of under US$13,500 per tonne”.
• Based on a tin price estimate of US$33,900/t and an exchange rate of US$1.30/£ (currently ~US$36,700/t and US$1.32/£), the PEA estimates an after-tax NPV6% of £180m, an IRR of 20% and payback within 3.3 years.
• Future tin production is derived from the mining of 500ktpa of ore, which after an ore pre-concentration stage provides feed of 250ktpa of ore at a grade of 1.89% tin to the processing plant.
• Today’s report also highlights the £57.4m fundraising in January which was supported by major shareholder, Blue Vision Resources and the UK’s National Wealth Fund which “is expected to enable the Company to further de-risk the South Crofty tin project and advance towards a formal final investment decision in 2026”.
• Cornish Metals confirms the ordering of long-lead time equipment, including new winders, and continuing dewatering of the mine’s New Cook’s Kitchen (NCK) Shaft to support the resumption of production.
• The company explains how it is strengthening the management team and progressing additional surface work, including preparatory excavation for the new processing plant and workshop and stores buildings.
• CEO, Don Turvey, describes accelerating activity at South Crofty “with current work underground mainly focused on the mid-shaft pump station and commencement of the Level 1 development, while on surface, excavation work and construction of the workshop and stores buildings are well underway”.
• Commenting on the results of the PEA, Mr. Turvey, said that its “attractive economics … [shows South Crofty as a] … long life, lowest quartile cost producer … [which is] … highly cash generative”.
• We also note that despite intermittent tin production in the South Crofty area since at least the 1590s, significant opportunities remain for resource and reserve replenishment including at depth and along strike of mineralised structures in the immediate mine area; and south of the mine in the Carn Brea area where Cornish Metals’ exploration drilling has shown previously unknown zones of mineralisation between the ‘Great Flat Lode’ and the underlying ‘Wide Formation’.

Conclusion: Cornish Metals’ is advancing towards a new future for tin mining at South Crofty where the updated PEA describes an initial 14 year mine life delivering an economically robust project in the lowest quartile of global production costs with potential opportunities to extend mine life and/or increase output.

*SP Angel act as Nomad and Broker to Cornish Metals

Endeavour Mining (EDV LN) 3,512p, Mkt Cap £7.6bn –Record FCF ($680m YTD25) driven by stronger production and spot gold prices

• The Company reported quarterly operational and earnings update at is portfolio of gold assets in West Africa.
• 3Q25 production 264koz at $1,569/oz AISC.
• Gold sales 258koz at $3,247/oz averaged realised gold price.
• Adjusted EBITDA and FCF $466m and $166m.
• 9M25 production 911koz (+23%yoy), on track for top half of the guidance range 1,110-1,260koz.
• Production gained on higher processed grades at Hounde and Mana (in line with mine sequence), commercial production start at Lafigue and Sabodala-Massawa BIOX expansion in 3Q24, partially offset by a drop in production at Ity on lower treated grades.
• AISC $1,362/oz (+8%), on track for AISC guidance range $1,150-1,350/oz (Adj AAISC $1,259/oz when accounted for higher gold price and its +$103/oz YTD effect on unit costs).
• Sales 914koz (+23%)
• Average realised gold price $3,036 (+36%).
• 3Q25 realised loss $69m on settling 50koz in hedged gold sales (collar $1,992(put)-2,400(call)/oz) with 50koz due at $1,992(put)-2,400(call)/oz collar in 4Q25.
• Adjusted EBITDA $1,634m (+110%)
• Operating CF and FCF $1,055m and $680m.
• Net debt at $453m with ND/EBITDA at 0.21x, below the 0.50x through-the-cycle target.
• Gross debt cut by $425m to $678m with RCF fully repaid in 3Q25, record $150m dividend paid in October (on track to significantly exceed $225m FY25 minimum), $83m in bubacks YTD25.
• YTD25 shareholder returns totalled $233m with at least $346m expected for FY25.
• New Shareholder Returns programme to be announced 1Q26.
• Assafou Gold Project (CDI) DFS is on track for 1Q26 on course for maiden production 2H28.
• 5y exploration strategy completed discovering 12.4moz (at <$25/oz discovery cost) with a new exploration strategy to be announced 4Q25 with focus on min life extensions and organic pipeline expansion and diversification.
• Stock is up 10% in London.

Conclusion: Record FCF delivered through 9M25 drives deleveraging and shareholder returns with production and costs tracking well on guidance.

Largo (LGO US) US$1.1, Mkt Cap $92m – Stronger production helps costs although weak vanadium prices remain a challenge

• The Company reported quarterly operational and earnings update for its Maracas Menchen Vanadium Mine in Brazil.
• 3Q25 and 9M25 production totalled 2.6kt (-14%yoy) and 6.2kt (-17%) V2O5.
• Ilmenite concentrate production was 9kt and 35kt.
• Installation of extra flotation cells to increase ilmenite con production commenced; capacity expected to increase to 115ktpa from current 42ktpa.
• Vanadium sales 2.4kt at 6.3kt V2O5.
• Cash operating costs averaged $3.9/lb and $5.1/lb.
• Costs have been trending lower through the year on a recovery in production.
• Vanadium production increased from 1.3kt 1Q25 and 2.3kt 2Q25.
• Revenues $33m and $88m.
• Adjusted EBITDA $2m and -$1m.
• Net Loss -$37m and -$52m affected by a derecognition ofa deferred tax asset of $28m.
• FCF -$7m and -$22m.
• Cash $8m and debt $106m (YE24: $22m and $92m).
• Post reporting period Largo raised $23m in new equity and agreed with five Brazilian lenders (representing $84m of debt) to defer principal repayments to September 2026.
• Vanadium prices remained under pressure in Europe and China amid weak demand in the steel land infrastructure sectors and an oversupply from Chinese and Russian producers.
• 3Q25 V2O5 and FeV prices averaged $5.23/lb (-8%yoy) and $23.68/kg (-9%).

New Frontier Minerals* (NFM LN) 1.1p, Mkt Cap £17m – Application for copper mine project in Queensland

• New Frontier Minerals has submitted a Mining Lease Application for its Big One copper deposit in northwest Queensland.
• The Application outlines “a proposed open-cut operation designed to test and extract near-surface copper mineralisation” from the “JORC-compliant Indicated and Inferred Resources totalling 2.1 Mt @ 1.1 % Cu, in addition to 7,000 t @ 1.3 % Cu of surface Indicated stockpiles”.
• Commenting on the development plan Chairman, Gerrard Hall, said that it included “an open-cut mining operation with ore then transported to Austral's Mt Kelly Copper Processing Facility and ultimately on-sold to end-users”.
• “Preparatory earthworks are expected to commence in Q3 2026, with first production targeted for Q1 2027”.

Conclusion: The submission of a Mining Lease Application is a precursor to potential copper production from the ‘Big One’ deposit in 2027.

*SP Angel acts as broker to New Frontier Minerals

Tertiary Minerals* (TYM LN) 0.06p, Mkt Cap £2.9m – Drilling at Mushima North, Zambia

• Tertiary Minerals has described progress of its drilling at the Mushima North project in Zambia.
• Four holes, totalling 481m have been completed in the current, third, phase of drilling with the deepest hole completed at 127m depth.
• The rest of the planned ~1,000m programme has been suspended “due to the early start of unusually heavy rains”.
• Preliminary results from the holes completed so far, supported by portable X-Ray Fluorescence ("pXRF") analysis were described by Managing Director, Richard Belcher, as “extremely encouraging”.
• The initial drilling shows “visible secondary copper mineralisation … over a 20m interval and sulphide mineralisation … [was] … observed towards the base of the holes”.
• The pXRF shows a 95m interval of copper mineralisation from 10m depth in hole 25TMNRC-043 and a 30m interval from 12m depth in hole 25TMNRC-044.
• The announcement explains that “Initial mineralogy identifies native silver and native copper, along with other copper-bearing minerals”.
• Mr. Belcher said that the drilling results from the programme “have extended the area of known mineralisation in the north and at depth”.
• With laboratory assays still pending, Mr. Belcher said that “the laboratory assay results from the four holes in this programme will… feed into the next drill programme planned to commence at the start of the dry season next year and will support our aim of producing a Maiden Mineral Resource Estimate in 2026”.

Conclusion: Drilling at Mushima North has been suspended following bad weather but initial results show extension of the known mineralisation towards the north and at depth – laboratory assay results are awaited.

*SP Angel acts as Nomad and Broker to Tertiary Minerals

LSE Group Starmine awards for 2025 / 2024 commodity forecasting:

No.1 in Precious Metals: SP Angel mining team awarded No 1. ranking for Precious Metals forecasting in LSEG Annual Starmine Award for Reuters Polls for Q1 2025

No.1 in Precious Metals: SP Angel mining team awarded No 1. ranking for Precious Metals forecasting in LSEG Annual Starmine Award for Reuters Polls 2024

No.2 in Base Metals: SP Angel mining team awarded No 2. ranking for Base Metals forecasting in LSEG Annual Starmine Award for Reuters Polls 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

George Krokos - george.krokos@spangel.co.uk – 0203 470 0486

Prince Frederick House

35-39 Maddox Street

London, W1S 2PP

*SP Angel are the No1 integrated nomad and broker by number of mining brokerage clients on AIM according to the AIM Advisers Ranking Guide (joint brokerships excluded)

+SP Angel employees may have previously held, or currently hold, shares in the companies mentioned in this note.

DISCLAIMER

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

This note is intended only for distribution to Professional Clients and Eligible Counterparties as defined under the rules of the Financial Conduct Authority and is not directed at Retail Clients.

This note is confidential and is being supplied to you solely for your information and may not be reproduced, redistributed or passed on, directly or indirectly, to any other person or published in whole or in part, for any purpose.

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

Distribution of this note does not imply distribution of future notes covering the same issuers, companies or subject matter.

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

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.