SP Angel . Morning View . Thursday 27.11.25

MiFID II exempt information – see disclaimer below

We are sponsoring the Oxford Mining Club Winter Drinks

• Waldorf Hilton Hotel, London - 1st December.
• Click link for tickets: https://www.eventbrite.co.uk/e/the-oxford-mining-club-winter-drinks-reception-tickets-1828856441849?aff=oddtdtcreator

Atlantic Lithium* (ALL LN) – AGM statement anticipates ratification of Ewoyaa mining lease

Ariana Resources (AAU LN) – Identification of potential satellite ore sources close to the Kiziltepe mine

BOAB Metals (BOAB AU) – A$236m debt facility signed to develop Sorby Hills Ag-Pb Project

Blencowe Resources (BRES LN) – Latest MRE for the Orom Cross graphite project, Uganda

DPM Metals (DPM CN) – Feasibility study for Coka Rakita sees 148kozpa operation over 10 years

EQ Resources (EQR AU) – Extension of Spanish Debt facility expected, supported by Oaktree

Greatland Resources (GGP LN) – Drilling sheds a light on the scale of the West Dome Underground potential at Telfer

Oriole Resources (ORR LN) – BCM secures 50% interest in Bibemi

Oscillate PLC* (SRVL LN) – Côte d’Ivoire exploration update

Pan African Resources (PAF LN) – Soweto Cluster TSF feasibility study to support additional 30-35kozpa

SolGold (SOLG LN) – Potential for a starter pit at Tandayama América to bring forward initial production from Cascabel

Platinum rallies alongside precious metals as market tightens and Guangzhou futures start trading

• Platinum prices are nearing 2013 highs, now up 71% ytd on a rebound in demand, constrained supply and bullish positioning.
• The metal has tracked a rebound in the precious metals space, with silver up 5.7%, palladium up 4% and gold up 2% over the past week.
• China has boosted imports after US tariff concerns saw metal flow into American warehouses.
• Platinum jumped after China’s Guangzhou Futures Exchange launched a new physically settled platinum futures contract, boosting optimism about Chinese demand. (Bloomberg)
• Spot platinum in London rose as much as 3.8% to around $1,650 an ounce, the highest level in over a month.
• June platinum futures in China initially rallied up to 12% on their trading debut before paring gains
• The new contract is open to both institutional and retail investors and will be supported by daily reports of warehouse inventories, increasing market transparency.(EnergyConnects)
• China imported 10.2 tons of platinum in October, more than double the volume a year earlier, helped by buying ahead of the November 1 removal of a long-standing tax rebate for state-owned China Platinum Co..

US dollar weakens on rising probability of Fed rate cut in December helping copper and other metals tick higher

• Falling US consumer confidence and a limited 0.5% mom rise in the cost of US durable goods in September has raised the potential for a December rate cut
• US PPI rise 0.3% mom in September as expected with core inputs easing.
• US initial jobless claims fell by 6,000 to 216,000 for the week to end 22 November.

Tin prices rise to US$38,330/t from US$37,620/t as market tightens

• The market appears to be heading for a significant supply shortage due to ongoing disruption in Myanmar and Indonesia.
• Strong demand for solder for new technologies is driving consumption causing potential for a structural shortage.

IG TV Commodity Corner (18/11/25):  https://www.youtube.com/live/_cghAS9Wnnk?si=YQpSPWrZ5_tzX0ha&t=4718 

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

China – Vanke, the China’s largest real estate firm by sales, is seeking to delay principal repayment sending some of its debt to record lows.

• The Company is asking to delay payment on a CNY 2bn ($283m) note due December 15.
• 2017 US$ debt fell 17c to around 23c today on the news taking losses on the note to 60% this week only.
• The news highlights challenges continuing to linger in the property sector.
• Vanke has long been considered one of the healthier property firms as opposed to defaulted Evergrande and Country Garden.
• Many follow government readiness to step in if required avoiding a default of one of better property companies.

Industrial profits reported a surprising drop, the first one in three months.

• The earnings outlook remains gloomy.
• YTTD growth slowed but remained positive.
• Industrial Profits (%yoy, Oct / Sep / Est): -5.5 / 21.6 / NA
• Industrial Profits (%YTD, Oct / Sep / Est): 1.9 / 3.2 / NNA

Germany – Consumer confidence remains low

• GfK Consumer Confidence (Dec / Nov / Est): -23.2 / -24.1 / -23.5

UK – New budget saw tax as a percentage of GDP rising to an all time high.

• Chancellor increased taxes by £40bn in her first budget last year and announced further £26bn yesterday.
• That lifts the overall burden to 38% of GDP by the end of the parliament.
• One of the biggest tax hits came from extending income tax thresholds for an extra three years, raising under £13bn by 2030-31.
• Separately, among other major changes is a cut to salary sacrifice tax advantages is planned to raise almost £5bn extra.
• Fiscal headroom increased to £22bn, up from ~£10bn in the Spring Statement in March, but below the 2010-2022 average of £31bn.
• Bond yields as well as the pound ended up little changed on the day.

India – The government approved ~$815m in incentives to boost REE production.

• The 7y programme is designed to expand domestic supply and reduce dependence on China.
• The plan estimates to grow capacity by 6ktpa in permanent magnets.

Currencies

US$1.1592/eur vs 1.1572/eur previous. Yen 156.19/$ vs 156.42/$. SAr 17.157/$ vs 17.176/$. $1.323/gbp vs $1.318/gbp. 0.653/aud vs 0.650/aud. CNY 7.081/$ vs 7.081/$

Dollar Index 99.62 vs 99.76 previous

Precious metals:

Gold US$4,166/oz vs US$4,161/oz previous

Gold ETFs 97.3moz vs 97.3moz previous

Platinum US$1,641/oz vs US$1,559/oz previous

Palladium US$1,434/oz vs US$1,399/oz previous

Silver US$53.9/oz vs US$52.0/oz previous

Rhodium US$7,925/oz vs US$7,925/oz previous

Base metals:   

Copper US$10,929/t vs US$10,883/t previous

Aluminium US$2,845/t vs US$2,828/t previous

Nickel US$14,845/t vs US$14,890/t previous

Zinc US$3,045/t vs US$3,011/t previous

Lead US$1,978/t vs US$1,983/t previous

Tin US$38,330/t vs US$37,620/t previous

Energy:

Oil US$63.0/bbl vs US$62.3/bbl previous

• Crude oil prices edged higher ahead of today’s US Thanksgiving holiday as the EIA estimated a w/w US inventory builds of 2.8mb to crude, 2.5mb to gasoline and 1.1mb to distillate stocks, as utilisation rose 2.3% to 92.3% on 13.8mb/d output.
• European energy prices were flat as sub-zero temperatures caused EU natural gas storage levels to decrease 1.1% w/w to 81.2% full (vs 90% 5-Yr average), with aggregate inventory at 927TWh and LNG imports climbing above 10bcf/d.
• US Henry Hub prices were stable as the EIA reported an 11bcf w/w draw to 3,935bcf (-5bcf expected), with storage inventories 0.8% below last year’s level and 4.2% above the five-year average.
• The government disappointed the UK oil & gas industry in outlining little change to its prior fiscal and regulatory stance, with the Energy Profits Levy maintained until 2030 and no new exploration licences as part of its North Sea Future Plan.

Natural Gas €29.0/MWh vs €29.3/MWh previous

Uranium Futures $76.0/lb vs $75.9/lb previous

Bulk:   

Iron Ore 62% Fe Spot (Singapore) US$106.6/t vs US$106.6/t

Chinese steel rebar 25mm US$449.9/t vs US$449.5/t

HCC FOB Australia US$195.5/t vs US$196.0/t

Thermal coal swap Australia FOB US$110.5/t vs US$111.3/t

Other:  

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

NdPr Rare Earth Oxide (China) US$78,101/t vs US$77,811/t

Lithium carbonate 99% (China) US$12,852/t vs US$12,851/t

China Spodumene Li2O 6%min CIF US$1,145/t vs US$1,145/t

Ferro-Manganese European Mn78% min US$1,035/t vs US$1,015/t

China Tungsten APT 88.5% FOB US$743/mtu vs US$743/mtu

China Tantalum Concentrate 30% CIF US$95/lb vs US$95/mtu

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

Europe Vanadium Pentoxide 98% US$5.5/lb vs US$5.5/lb

Europe Ferro-Vanadium 80% US$23.6/kg vs US$23.6/kg

China Ilmenite Concentrate TiO2 US$272/t vs US$272/t

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

China Rutile Concentrate 95% TiO2 US$1,109/t vs US$1,109/t

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

Brazil Potash CFR Granular Spot US$352.5/t vs US$352.5/t

Germanium China 99.99% US$3,075.0/kg vs US$3,125.0/kg

China Gallium 99.99% US$395.0/kg vs US$400.0/kg

EV & battery news

UK budget introduces new pay-per-mile tax for EVs

• From April 2028, all EVs and plug-in hybrids in the UK will face a new mileage-based tax.
• Fully electric cars will be charged approx. 3p per mile, with plug-in hybrids paying approx. 1.5p per mile.
• For a the average driver covering 8,500 miles/year, that means about £255–£260 extra per year, on top of any existing vehicle tax.
• The charge has been introduced to replace part of the lost fuel-duty revenue as UK drivers shift to electric and is expected to raise £1.1bn in the 2029 financial year and up to £1.9bn by 2031. 

VW's has ability to design and build EVs outside of Germany with new development centre in China

• VW says its new development centre in Hefei, China means it can now fully design and build EVs outside Germany.
• Using local tech, supply-chains and R&D, VW claims development costs for some EV projects in China are as much as 50% lower than before.
• The new facility also lets VW shorten the total development cycle by around 30%, thanks to parallel software, hardware and full-vehicle testing.
• The aim is to build “smart, connected EVs” tailored to Chinese market trends and to export China-made EVs to other overseas markets.
• It is believed that VW doesn't plan to export its Chinese-made vehicles to Europe.

Company news

Atlantic Lithium* (ALL LN) 10.27p, Mkt Cap £77m – AGM statement

(Atlantic holds 100% of the Rubino and Agboville exploration licences in the Ivory Coast though its Khaleesi Resources subsidiary)

• AGM statement highlights the delay to ratification of Ewoyaa Mining lease action to cut costs and approval of a new fiscal regime in Ghana for lithium mining.
• There is strong local, community support for the new Ewoyaa mine and the punitive royalty rate has been adjusted to a more appropriate rate which fits with current lithium pricing.
• The final ratification of the mining lease is believed to be close according to local press reports.
• Atlantic signed two arrangements with Long State Investments Ltd, giving the company access to up to £28m two years with flexibility in terms of draw down.
• Côte d'Ivoire: Exploration for lithium in the Ivory Coast at Agboville and Rubino show spodumene in pegmatite in outcrop and float indicating potential for new lithium development.
• The Côte d'Ivoire set a new flat royalty rate for lithium of 8% on annual revenue in January this year.
• Share issuance: resolution 4 which was passed, allows the issue of 15% of new shares for cash though the withdrawl of Resolution 6 means the company can not issue a further 10% of new shares of the 15% which are allowed.

Conclusion: 2026 should be a good year for Atlantic Lithium. We expect the Ewoyaa project to see full financing after the new mining lease ratification. Rising demand for lithium feedstock and higher lithium prices should help.

Chinese producers see a 60-80% rise in Stationary Storage demand driving new growth in Li-ion batteries next year.

*SP Angel acts as Nomad to Atlantic Lithium

Ariana Resources (AAU LN) 1.48p, Mkt Cap £34m – Identification of potential satellite ore sources close to the Kiziltepe mine

• Ariana Resources reports that recent drilling at Kizilcukur around its 23.5% owned Kiziltepe mine in western Turkiye has identified additional mineralisation with the potential to deliver additional mill feed from satellite pits.
• Thirty-one holes totaling 2,769m of drilling tested mineralisation at Zeki, Ziya, and Zafer) around 22km NE of the Kiziltepe Gold-silver Mine with highlighted results from the Ziya Vein including:
  • A 4.90m wide intersection at an average grade of 4.53g/t gold and 118.3g/t silver from a depth of 24.40m in hole KCR-D07-25; and
  • A 3.60m wide intersection at an average grade of 2.89g/t gold and 77.5g/t silver from a depth of 59.30m in hole KCR-D19-25; and
  • A 1.90m wide intersection at an average grade of 5.39g/t gold and 70.6g/t silver from a depth of 66.10m in hole KCR-D21-25.
• The area hosts “a series of sub-parallel quartz veins … that trend northwest and extend for about two kilometres” with true widths of up to 8m.
• A map included in today’s announcement shows the Zeki Vein which “extends over a strike length of 820m” located northwest of the Ziya Vein and on a similar trend with the Zafer Vein located to the northeast and also on a similar northwest trend.
• Managing Director, Dr. Kerim Sener, said that the drilling shows “that the extensions of the known vein systems remain prospective and have the potential to add to the resource opportunity at this deposit”.
• He said that work is continuing as Ariana’s partner, Zenit Madencilik works “towards the mining of Kizilcukur as a satellite source of ore for the nearby Kiziltepe Gold-Silver Mine, currently in production”.
• Kizilcukur’s current ‘Measured, Indicated & Inferred’ resource of ~255kt at an average grade of 1.98g/t gold and 74.54g/t silver hosts a ‘Proven & Probable’ reserve of ~5,400oz of gold and ~230oz of silver
• Dr. Sener confirmed that “environmental permitting is underway” for Kizilcukur and that a “local public consultation meeting was recently completed successfully as part of the permitting process, with a view to commencing operations late in 2026”.

Conclusion: Recent drilling at Kizilcukur provides a potential near term opportunity to deliver satellite ore feed to the Kiziltepe plant.  Permitting is underway.

BOAB Metals (BOAB AU) A$0.4, Mkt Cap A$118m – A$236m debt facility signed to develop Sorby Hills Ag-Pb Project

·        Boab Metals announces it has entered a binding commitment with Merricks Capital and Davidson Kempner.

·        Merricks is an Australian private credit fund owned by Regal Partners, and Davidson Kempner is a global asset manager.

·        The parties will provide a project finance debt facility of up to A$236m for Sorby Hills.

·        FID is due 4Q25.

·        The senior secured facility terms include:

• Five year tenor
• 12%pa fixed interest rate
• Agreed hedging strategy executed on a rolling 24 month basis.
• Boab owns a 75% interest in the Project, with 25% held by Henan Yuguang Gold and Lead.
• Boab can acquire Yuguang’s stake on FID.
• Sorby Hills Project:
  • A$264m CAPEX
  • 2.25mtpa milled over an 8.5 year LOM.
  • 103ktpa Pb-Ag concentrate, with 68kt Pb and 2.2moz Ag.
  • C1 costs of $0.36/lb Pb.
  • NPV8 of A$411m and IRR of 37% using $2,252/t Pb and $27.4/oz Ag.

Blencowe Resources (BRES LN) 6.15p, Mkt Cap £34m – Latest MRE for the Orom Cross graphite project, Uganda

• Blencowe Resources has released an updated estimate for the mineral reserves and resources for its Orom Cross graphite deposit in Uganda.
• The new estimate “incorporates all the infill drilling undertaken in 2025 across the Camp Lode and Northern Syncline/Eastern Limb deposits and represents the final key technical input into the Company's Definitive Feasibility Study ("DFS") … [which is] …  to be published shortly”
• Ore reserves of 20.08mt at an average grade of 5.18% TGC (total graphite content) include a ‘Proven’ reserve of 1.29mt grading 5.13% and a ‘Probable’ reserve of 21.78mt at an average grade of 5.18% TGC.
• The company clarifies that the new estimate increases reserves by “47% or 7.36Mt versus previous JORC Ore Reserve Estimate reported in 2022”.
• The reserves are contained within a 7% higher resource estimate of 26.1mt at an average grade of 5.58% TGC with the company explaining that the new estimate contains a “33% (4.1Mt) … [increase] … in Indicated Resources”.
• A further 192 step-out holes remain “to be integrated into second major JORC upgrade post-DFS in 2026”.
• The majority of these additional holes were “drilled across new Iyan and Beehive deposits” and the company confirms that “Only ~2% of the licence area at Orom-Cross is drilled to date.”
• Executive Chairman, Cameron Pearce said that the “upgraded JORC is transformational for Orom-Cross. The substantial increase in Ore Reserves and Indicated Resources confirms the quality, scale and longevity of the project as we move into the DFS and financing phase”.
• He said that “The remaining 192 exploration holes and the deep drilling results, which all ended in mineralisation, highlight the huge potential for further JORC Resource upgrades still ahead of us in early 2026”.
• He also said that the forthcoming DFS would “demonstrate the strengthened technical and economic foundations of Orom-Cross at a time when secure, high-quality graphite supply is becoming increasingly important to Western governments”.

Conclusion: Recent drilling results from Orom Cross have delivered a 47% increase in ore reserves and a 33% rise in the ‘Indicated’ portion of the resource which, overall increases by 7%.  The new estimates underpin the DFS which is expected to be available shortly.

DPM Metals (DPM CN) C$38.3, Mkt Cap C$8.3bn – Feasibility study for Coka Rakita sees 148kozpa operation over 10 years

·        DPM Metals, formerly Dundee, have released a feasibility study for the Coka Rakita gold project in Serbia.

·        The study envisages an underground mining operation via long hole open stoping.

·        The plant will process 850ktpa using comminution, gravity and flotation to produce a gold concentrate.

·        The FS saw optimised layout, ground support design, refined stope design, optimised ventilation and dewatering, also supporting improved gold recoveries.

·        Processing will leverage equipment and infrastructure from Ada Tepe in Bulgaria, which will be refurbished following the mine’s closure in 2026.

·        Study highlights include:

• 7.3mt reserves at 6.44g/t Au.
• Gold recoveries of 88%.
• Average gold production of 148kozpa (189kozpa over five years)
• CAPEX of $448m and AISC of $644/oz.
• Post-tax NPV5 of $782m and IRR of 36% using $1,900/oz.
• NPV5 increases to $2.2bn and IRR at 68% using $3,500/oz gold price.

EQ Resources (EQR AU) A$0.06, Mkt Cap A$223m – Extension of Spanish Debt facility expected, supported by Oaktree

·        EQ Resources report it has refinanced its Spanish debt with Oaktree.

·        Oaktree is expected to support the extension of the Spanish Debt facility, with €15m currently due 10th December 2025 and €5m due 04th January.

·        EQR has received Term Sheets for refinancing the €20m Spanish Debt, repaying €3.5m from available cash.

·        Company reports that ‘discussions are well advanced’ regarding extensions, in line with Oaktree’s Letters of Guarantee.

Greatland Resources (GGP LN) 370p, Mkt Cap £2,431m – Drilling sheds a light on the scale of the West Dome Underground potential at Telfer

·        Greatland Resources reports that it has completed over 9,000m of underground drilling at the West Dome (WDU) of its Telfer mine in WA.

·        Results from 9 holes and the improved density of drill coverage have “improved our understanding of the WDU, with three mineralised domains now confirmed:

• a broad sub-vertical Western Stockwork Corridor (WSC),
• flanked by the extensive Western Limb and 
• Eastern Limb high grade shoots hosted within the Lower Limey Unit (LLU), an important geological horizon for gold-copper mineralisation at Telfer”.

·        Highlighted results from the Western Stockwork Corridor include

• A 56.6m wide intersection at an average grade of 2.24g/t gold and 1.26% copper in hole WUC-455-0083; and
• An 82.2m wide intersection at an average grade of 1.90g/t gold and 0.31% copper in hole WUC-455-0092; and
• A 66.5m wide intersection at an average grade of 1.18g/t gold and 0.16% copper in hole WUC-455-0085; and
• A 24.0m wide intersection at an average grade of 1.18g/t gold and 0.10% copper in hole WUC-455-0081; and
• A 22.5m wide intersection at an average grade of 1.43g/t gold and 0.01% copper in hole WUC-455-0099; and

·        Continuous Western Limb mineralisation has been confirmed “over 700m of strike, averaging approximately 40m wide (true width) x 150m dip extent (height), and remains open along strike, and up and down dip”.

·        The company also highlights results from the Western and Eastern Limb drilling including:

• A 34.5m wide intersection at an average grade of 4.06g/t gold and 0.31% copper in hole WUC-455-00092 on the Western Limb; and
• A 29.0m wide intersection at an average grade of 1.86g/t gold and 34% copper in hole WUC-455-0081, also on the Western Limb; as well as
• Narrower intersections of Western Limb mineralisation of 5.5m at an average grade of 3.57g/t gold and 0.29% copper in hole WUC-455-0083, 6.84m averaging 2.28g/t gold and0.25% copper in hole WUC-455-009 and 7.15m averaging 2.32g/t gold and 0.13% copper in hole WUC-455-0085; and
• A 35m wide intersection at an average grade of 2.9g/t gold and 0.19% copper in hole WUC-455-00099 on the Eastern Limb; and
• A 30m wide intersection at an average grade of 5.6g/t gold and 0.25% copper in hole WUC-455-00099 on the Eastern Limb; and
• A 26.6m wide intersection at an average grade of 2.7g/t gold and 0.30% copper in hole WUC-455-00111 on the Eastern Limb; and
• Narrower intersections of Eastern Limb mineralisation of 6.7m at an average grade of 1.88g/t gold and 0.39% copper in hole WUC-455-0083 and 3.85m averaging 4.1g/t gold and 0.38% copper in hole WUC-455-0092.

·        Mineralisation on the Western Limb “has been confirmed over 700m in strike, averaging 10m wide and over 100m down dip to date, and remains open to the north and south … [while] …  Eastern Limb mineralisation is hosted with the same LLU unit that has hosted the Western Limb and has been defined over 500m in strike, 100m dip extents and averaging 10m true width”.

·        Managing Director, Shaun Day, explained that “The Main Dome Underground began production almost 20 years ago and continues operating today, having produced more than 3 million ounces of gold to date. Our West Dome Underground drilling confirms that key geological units and mineralisation styles at the Main Dome Underground are present at the West Dome Underground, and continues to deliver high grades and excellent widths”.

·        He confirmed that “The second development drive to the West Dome Underground is well progressed, and a pre-feasibility study is now underway and will assess how the substantial existing infrastructure capacity at the Main Dome Underground can be leveraged to deliver a pathway to production”.

·        The announcement confirms that “A pre-feasibility study for WDU is underway, with metallurgical, hydrogeology, and geotechnical testwork program scheduled in H2 FY26”.

Conclusion: Recent underground drilling is demonstrating extensive mineralisation at the West Dome section of its Telfer mine. A prefeasibility study is underway.

Oriole Resources (ORR LN) 0.23p, Mkt Cap £9.2m – BCM secures 50% interest in Bibemi

·        Oriole reports it has received the first $300k tranche from BCM International in their Completion Agreement.

·        This takes BCM’s interest in the BIbemi project.

·        The Company is now formalising that interest with a JV Agreement.

·        BCM International will pay an additional $600k in subsequent monthly installments.

·        BCM will also contribute $300k towards drilling at the MB01-N programme.

·        BCM is expected to secure a 50% interest in Mbe upon the completion of the MB01-N drilling programme.

Oscillate PLC* (SRVL LN) 0.35p, Mkt Cap £1.5m – Côte d’Ivoire exploration update

·        Oscillate, soon to be Serval, has provided an update on their early-stage exploration in the Côte d’Ivoire.

·        In September the Company reported results from 204 soil samples collected over the Duékoué Project.

·        Soil samples were collected over 20m intervals, and analysed for Cu, Mo, Pb, W, Zn and Ba.

·        These results confirmed historical Mo-Cu anomalies at the Project.

·        Today’s results follow the assaying of 187 soil samples with ALS for gold.

·        This yielded several moderately anomalous gold concentrations, with one sample returning 45ppb Au.

·        Importantly, elevated gold readings correlated with anomalous copper showings.

Conclusion: Serval Duékoué project is considered prospective for IOCG-style copper-gold mineralisation and the reassaying of historic samples has boosted the Company’s understanding of the licence package. Whilst the Company’s primary focus is on copper exploration in Namibia and Botswana, the Côte d’Ivoire is a Tier One West African jurisdiction in our view and Duékoué represents an interesting project justifying further exploration work.

*SP Angel acts as Broker to Oscillate Plc, An SP Angel analyst recently visited the Company’s Namibia and Botswana projects

Pan African Resources (PAF LN) 99, Mkt Cap £2bn – Soweto Cluster TSF feasibility study to support additional 30-35kozpa

·        Pan African have released a feasibility study on the Soweto Cluster TSF.

·        The study examined either a 1mtpm standalone Cil plant or a 600ktpm expansion circuit to be added to the existing MTR operation.

·        The integrated 600ktpm Soweto Tailings Retreatment circuit was chosen as the preferred option on lower CAPEX requirements, shorter construction period and reduced permitting obligations.

·        The study yielded highlights of:

• CAPEX: $160m
• 24 month construction period
• Additional annual gold production of 30-35kozpa over 15 years.
• AISC of $1,000-1,200/oz.
• Post-tax NPV13.3 of $130m and IRR of 29.4% using $2,800/oz Au.

·        The Company will complete a DFS on the preferred option in June 2026, with FID due shortly after.

·        The MTR operation is expected to boost production from 50kozpa to 60kozpa next month.

SolGold (SOLG LN) 26.3p, Mkt Cap £757m – Potential for a starter pit at Tandayama América to bring forward initial production from Cascabel

·        In an intra-day release yesterday, SolGold disclosed details of a potential starter pit at the Tandayama América project, to bring forward initial production from the Cascabel Licence in Ecuador.

·        Tandayama América lies around 3km north of the deeper Alpala deposit which has longer lead times to access the orebody.

·        The potential pit encompasses a 60.2mt resource averaging 0.23% copper and 0.23g/t gold (reported in copper equivalent terms as 0.43%) with a “low waste-to-ore stripping ratio of 0.63:1”.

·        The announcement explains that approximately 75% (45mt) of the resource in the starter pit “is classified as Measured …  with the remaining tonnage in the Indicated category” providing a measure of confidence that the planned development is “an attractive early-mining option that fits well into the development pathway”.

·        The company is adding two additional rigs to “strengthen and expand the Tandayama drilling program … [while continuing] … geotechnical and metallurgical sampling to support future scenario refinement and early-stage engineering inputs”.

·        Resources within the potential pit are a relatively small part of the overall resource at Tandayama América which currently hosts a resource of 576mt at an average grade of 0.21% copper and 0.20g/t gold (0.38% CuEq) including 535mt averaging 0.21% copper and 0.19g/t gold (0.38% CuEq) classed as ‘Measured & Indicated’.

·        “In parallel with the potential starter-pit assessment, the Company has continued to evaluate larger staged pit shells (20 Mt, 60 Mt, 220 Mt, and the full 576 Mt Reasonable Prospects for Economic Extraction ("RPEEE") envelope to ensure that infrastructure layouts and permitting considerations accommodate the full range of potential long-term development options”.

·        CEO, Dan Vujcic, described the “Tandayama starter operation … [as] … a tangible opportunity to accelerate the Cascabel Project”

·        He said that the “the near-surface nature of the deposit's strong grade profile, combined with the high proportion of Measured material in the 60.2 Mt case, provides an attractive early-mining option that fits well into the development pathway”.

·        He also explained how “Optimising the overall Cascabel plan ensures smoother permitting and infrastructure decisions to accommodate the full range of potential outcomes … significantly de-risking potential sub-level cave and block cave operations at Alpala in the future”.

Conclusion: Integrated development of an open-pit at Tandayama América as part of the broader development of the large-scale underground mine at Alpala provides an opportunity to bring forward initial production at Cascabel and helps to derisk the overall project.

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.