SP Angel . Morning View . Tuesday 14.04.26

MiFID II exempt information – see disclaimer below

Asara Resources (AS1 AU) – Jeff Quartermaine joins as Chairman

Ariana Resources (AAU LN)  – Appointment of non-executive chairman

Atalaya Mining (ATYM LN)  – Severe weather hits Q1 copper output

Cobra Resources (COBR LN)  – Further drilling results from Manna Hill, South Australia prompt Cobra to exercise its option

KEFI Gold and Copper* (KEFI LN)  – BUY, Target 4.2p – AGM results

Kodal Minerals* (KOD LN)  BUY, Target 0.86p – 1Q26 production update highlights Bougouni ramp up

Ivanhoe Mines (IVN CN)  – Kamoa production steady, new smelter benefits from sulphuric acid shortage

Mkango Resources* (MKA LN)  – HyProMag and Mkango UK to participate in the UK backed magnet recycling programme

Ongwe Minerals * (OGW CN) – New bedrock anomaly identified under cover at Belmont prospect, Khorixas, Namibia

Orosur Mining* (OMI LN)  – High-grade gold mineralisation intercepted 100m west of Pepas

Panther Metals (PALM LN)  – Further assay results from the Winston Lake tailings project, Ontario

Serabi Gold (SRB LN)  – Aiming to surpass 2025 record production in 2026

Lithium carbonate prices rise as China environmental crackdown continues, equities climb

• Lithium prices are holding ground and equities are starting to rerate.
• Albemarle climbed 6.8% yesterday, with SQM up 6.7% and Ganfeng rising 5.6%.
• Tianqi Lithium warned last week that tighter lithium supplies are emerging, with Chinese carbonate futures now double the lows of 2025.
• Chinese reports are noting that several domestic operations are producing under porcelain clay licences, which need to be rectified to lithium poerations.
• These operations will need to apply to replace their mining licences to lepidolite ore to continue producing.
• The large-scale CATL lithium mine suspended last year is currently offline and going through the ‘rectification’ process.
• The process reportedly requires the preparation of an EIA, safety assessment reports, and approval from several departments.
• Shanghai Nonferrous Metals Network reports that if an additional seven mines are required to renew their licences, monthly LCE supply from China could fall by 5-7kt.
• Minmetals notes that the contraction of raw material supplies are pressuring LCE supply growth.
• Additionally, Zimbabwe has suspended all lithium ore and concentrate exports since February 25th, as the government negotiates over domestic processing.
• However, Zimbabwe is reportedly preparing to resume trade on a more regulated basis.
• These new regulations will reportedly require operators to ‘formalise written commitments, including detailed timelines for building lithium sulphate plants.’ (ECOFIN Agency)
• Demand from China’s BESS growth is strong, with yoy production up 97% to 188GWh whilst EV sales flatline.

ii Mining Insight videos from Cape Town:

• Mining Insights: global trends in critical metals
• Rare earth metals: what investors should know
• Critical minerals: China and Trump
• Outlook for gold and silver price

IG TV commodities: https://youtu.be/oE6-k3hQDsM?si=sXBMY_UOZpvMP8EA

IG TV Oil&Gas: https://www.youtube.com/watch?v=FlMVGvbgE9o

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Currencies

US$1.1783/eur vs 1.1686/eur previous. Yen 159.08/$ vs 159.28/$. SAr 16.343/$ vs 16.436/$. $1.353/gbp vs $1.343/gbp. 0.710/aud vs         0.706/aud. CNY 6.818/$ vs 6.832/$.

Dollar Index 98.22 vs   98.93 previous.

Economics

China – Surplus falls as trade data shows fall in Exports as Import costs rise

• Trade surplus rose to US$51.13bn in March vs an all time high of US$214bn in February
• Export growth pulled back to a five-month low at 2.5% yoy in March far below forecasts for 8.6%
• Imports rose a massive 27.8% yoy in March ahead of even the most bullish of forecasts as traders stockpiled imported commodities.
• Crude oil imports fell -2.8% yoy in March
• Natural gas imports also fell -10.7% yoy in March possibly due to disruption as shipments through the Strait of Hormuz.

Australia - RBA governor warns of inflation shock to economic growth

• Andrew Hauser, RBA governor has highlighted the risk of rising inflation against plunging consumer sentiment as household income is hit by higher fuel costs.

Are oil prices being suppressed?

• Is oil pricing in a near-term peace deal or that Trump will TACO?

Iran has offered to downgrade Uranium Hexafluoride

• The tacit admission that Iran still has a stock of Uranium Hexafluoride tells us how close Iran was to developing a nuclear weapon.
• The US is insisting that Iran suspend all nuclear activity for 20 years and has rejected an Iranian offer for a five year suspension.
• JD Vance has made clear two US red lines. US control of Iran’s enriched uranium and a verification mechanism to ensure Iran does not develop a nuclear weapon.

Regime change

• We can see the Iranian regime evolving into something different – though we do not know what that will look like.
• The IRGC was hit very hard in the bombing and the tragic and painful reality of martyrdom now rests with the families of those who were killed.
• Pay delays have hit morale in IRGC forces with some personnel refused to attend pro-government demonstrations.
• Retirees and some army personnel have also not been paid for two months
• Reports indicate funds have been directed to the clerical establishment.

Finance

• The UAE says it has seized funds from all Iranian nationals with accounts in the UAE alongside their property.
• The port blockade should cut of funding to an already stretched IRGC which ontrols >50% of Iranian GDP. Eg the IRGC is a state-within-a-state.
• Oil export revenues made up >57% of total export income as of 2024–2025 at ~4.2mbbls/d ($43bn in 2024). China buys 90% of Iran’s oil.

US blockade of Iran

• US Central Command said the blockade on the key trade route would be enforced “impartially” against any and all vessels entering or departing Iranian ports, including those on the Persian Gulf and the Gulf of Oman. (NBS)
• But, how will the US block Chinese ships from entering and leaving Iranian ports?
• Trump says Beijing 'would like to see this ended' as the US moves to stop vessels transiting to and from Iranian ports.(SCMP)
• Trump also says the US blockade is needed to stop Iran from blackmailing the world.
• Mine clearing efforts started at the weekend to establishing a new passage for commercial shipping.
• The IRGC has warned any military vessels attempting to approach Hormuz would be considered in violation of the ceasefire deal agreed to between Washington and Tehran.
• China imports nearly a third of its oil through the strait of Hormuz.

Precious metals:

Gold US$4,773/oz vs US$4,734/oz previous

   Gold ETFs 98.6moz vs 98.7moz previous

Platinum US$2,090/oz vs US$2,052/oz previous

Palladium US$1,591/oz vs US$1,536/oz previous

Silver US$77.5/oz vs US$74.6/oz previous

   Silver ETFs 799.6moz vs 800.5moz previous

Rhodium US$9,950/oz vs US$10,100/oz previous

Base metals:   

Copper US$13,167/t vs US$12,895/t previous

Aluminium US$3,624/t vs US$3,553/t previous

Nickel US$17,915/t vs US$17,530/t previous

Zinc US$3,355/t vs US$3,335/t previous

Lead US$1,936/t vs US$1,918/t previous

Tin US$48,775/t vs US$47,405/t previous

Energy:

Oil US$98.3/bbl vs US$101.7/bbl previous

• Crude oil prices continue to whipsaw around the $100/bbl level on signs that the US and Iran may resume peace talks ahead of the expiry of the two-week ceasefire.
• National Gas, the operator of Britain’s National Transmission System, confirmed that it expects to have sufficient gas supply to meet forecast UK demand over the summer months under current conditions, with domestic production and Norwegian supplies together accounting for ~86% of the total supply, with 5% from storage and 9% from LNG imports.

Natural Gas €45.5/MWh vs €47.3/MWh previous

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

Bulk:

Iron Ore 62% Fe Spot (Singapore) US$103.5/t vs US$104.7/t

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

HCC FOB Australia US$230.5/t vs US$229.8/t

Thermal coal swap Australia FOB US$133.0/t vs US$129.5/t

Other:  

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

NdPr Rare Earth Oxide (China) US$111,253/t vs US$110,851/t

Lithium carbonate 99% (China) US$22,588/t vs US$22,390/t

China Spodumene Li2O 6%min CIF US$2,080/t vs US$2,080/t

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

China Tungsten APT 88.5% FOB US$2,443/mtu vs US$2,443/mtu

China Tantalum Concentrate 30% CIF US$233/lb vs US$233/mtu

China Graphite Flake -194 FOB US$420/t vs US$420/t

Europe Vanadium Pentoxide 98% US$5.8/lb vs US$5.8/lb

Europe Ferro-Vanadium 80% US$28.8/kg vs US$28.8/kg

China Ilmenite Concentrate TiO2 US$253/t vs US$252/t

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

China Rutile Concentrate 95% TiO2 US$1,151/t vs US$1,149/t

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

Brazil Potash CFR Granular Spot US$397.5/t vs US$397.5/t

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

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

EV & battery news

Chinese manufacturers replacing aluminium with magnesium alloy for EV performance improvements

• Chinese manufacturers are looking to replace aluminium with magnesium alloys in construction of vehicles thanks to their lightweight potential.
• Magnesium alloys are the lightest structural materials and are approx. 33% lighter than aluminium and 75% lighter than steel.
• For every 10% reduction in overall weight, the driving range can increase 5-8% while energy consumption can decrease 5-6%.
• Seres Auto Co., Ltd. has already begun incorporating magnesium alloys in its vehicles, with plans to increase its usage.
  • The Seres Envision series currently use around 20kg of magnesium alloy per vehicle.
  • The company has announced that it will die-cast a magnesium alloy rear body achieving a 21.8% compared to the current aluminium alloy version.
• BYD, among other Chinese-made EVs, have also been using magnesium alloys in its vehicles.
• According to a report from Dongxing Securities, China accounts for 90% of the world's metallic magnesium production, 75% of magnesium oxide production and 65% of downstream material output.

Company News:

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Asara Resources (AS1 AU) A$0.14, Mkt Cap A$225m – Jeff Quartermaine joins as Chairman

• Asara Resources has appointed Jeff Quartermaine as Chairman.
• Jeff recently retired from Perseus Mining where he spent 15 years and transitioned the Company to a 500kozpa West African gold producer.
• Asara is currently advancing the Kada Gold Project to DFS and notes Jeff’s ‘proven track record of building and transforming mining businesses is strongly aligned with our strategy to create long-term value for shareholders.’
• The Kada Gold Project, Guinea:
  • MRE: 30.3mt at 0.95g/t Au for 923koz (23mt inferred)
• Management believes the Massan and Bareko deposits both remain open along strike and down dip.
• Asara is led by Matthew Sharples, who advanced the Kiiniero Mine, sold to Robex Resources and currently in production.
• Asara is currently completing a two phase drill programme at Al Massan, targeting conversion of inferred to indicated ounces and expanding the inferred strike length to 3.5km from current 1.3km.
• The Company is also looking to target depth extensions, with potential for underground MRE ounce additions.
• Metallurgical test work at Massan shows free milling mineralisation with 95-97% recoveries in oxide and 88% in transition and fresh material.
• Company sees free-digging potential to depth and a sub 3.5:1 strip ratio.
• The plan is to establish Massan as a starter deposit, adding satellite deposits with a centralised processing hub.

Ariana Resources (AAU LN) 2p, Mkt Cap £52m – Appointment of non-executive chairman

• Ariana Resources reports the appointment of its current non-executive deputy chairman, Michael Atkins as non-executive chairman replacing the current incumbent, Michael de Villiers who will become non-executive deputy chairman while also retaining his role as Company Secretary.
• Managing Director, Dr. Kerim Sener, said that Mr. Atkins appointment “signifies the commencement of the Company-wide transformation process currently underway, positioning it for future growth and success with our flagship Dokwe Gold Project”.
• He thanked Mr. de Villiers for his contribution as “an important member of the Ariana team … [who] … has been Chairman over the past 13 years, supporting its growth as we transformed our assets from exploration into production in Türkiye”.

Atalaya Mining (ATYM LN) 796.5p, Mkt Cap £1,239m – Severe weather hits Q1 copper output

• Reporting first quarter production results for 2026, Atalaya Mining announces production of 9,939t of copper (Q1 2025 – 14,291t).
• CEO, Alberto Lavandeira, attributed the lower output, which was also lower than the preceding 4th quarter output in 2025 of 11,550t to “unusually heavy rains … [and said that] … In the coming quarters, we expect to recover a portion of the production shortfall”.
• Previously announced 2026 production guidance of 50-54,000t of copper production is retained but “the Company plans to review its copper production guidance for FY2026 on an ongoing basis and will provide further updates when the Company reports its Q1 2026 Financial Results in May 2026”.
• Production resulted from the processing of 4.1mt of ore at an average grade of 0.30% copper Q1 2025 – 4.2mt at an average grade of 0.42% copper.
• As the mined tonnage for the quarter was 3.4mt (Q1 2024 – 3.7mt) and the “unusually high rainfall in late January and early February 2026 reduced access to certain mining areas in the Cerro Colorado pit” we infer that the restricted access to higher grade areas of the pit required the processing of lower grade ore from stockpiles or more easily accessible areas reducing the available grades.
• The company also comments that that “the ongoing events in the Middle East have the potential to disrupt supply chains … [but that] … So far, Atalaya has not experienced any challenges sourcing key consumables such as diesel or explosives”.
• Atalaya Mining also confirms that “Electricity prices in Spain have remained stable since the start of the Iran conflict, thanks to Spain's diversified energy mix including significant solar and wind capacity and hydroelectric facilities”.
• Mr. Lavandeira confirms that Atalaya Mining’s “focus remains firmly on growing and diversifying the business” as Atalaya Mining develops the nearby deposits at San Dionisio, San Antonio and Masa Valverde and develops “the planned polymetallic circuit”.
• Engineering work is continuing these “processing plant modifications that would allow for the simultaneous treatment of polymetallic and copper ores at Riotinto” as Atalaya supplements lower grade feed from the Cerro Colorado deposit with higher grade feed from San Dionisio, San Antonio and Masa Valverde to maximise the production capacity of its Riotinto plant.

Conclusion: Unusually severe rain in January and February has restricted Q1 copper output from Riotinto. The 2026 guidance range of 50-54,000t of copper in concentrate is under review though the company expresses confidence in its ability to recoup some of the lost production.

Cobra Resources (COBR LN) 4.45p, Mkt Cap £46m – Further drilling results from Manna Hill, South Australia prompt Cobra to exercise its option

• Cobra Resources reports drilling results from a further 12 reverse circulation (RC) drill holes at its Blue Rose prospect in the Manna Hill copper project in South Australia.
• Among the results highlighted in today’s announcement are:
  • A 62m wide intersection at an average grade of 1.0% copper and 0.08g/t gold from a depth of 62m in Hole MHRC-0013, including a 30m section grading 1.56% copper and 0.14g/t gold from 66m depth; and
  • A 22m wide intersection at an average grade of 0.80% copper from a depth of 20m in Hole MHRC-0011; and
  • A 22m wide intersection at an average grade of 0.48% copper and 0.17g/t gold from a depth of 30m in Hole MHRC-0009; and
  • A 6m wide intersection at an average grade of 0.77% copper from a depth of 24m in Hole MHRC-0010.
• The latest results follow results released in March which included
  • 20m at an average grade of 0.78% copper and 0.14g/t gold from 38m depth in hole MHRC-0018 which also intersected 74m grading 1.02% copper and 0.25g/t gold from 70m including a 14m wide section at a grade of 1.52% copper and 0.42g/t gold from 88m; and
  • 86m at an average grade of 0.60% copper and 0.14g/t gold from 18m depth in hole MHRC-0017 which includes 12m at a grade of 1.05% copper and 0.09g/t gold from 32m depth and another 12m wide interval averaging 1.10% copper and 0.53g/t gold from 58m depth; and
  • An interval with enhanced levels of molybdenum over a width of 56 at a grade of 0.34% copper in hole MHRC-0003 which intersected 14m averaging 0.21% copper and 0.01% molybdenum from 122m and 10m at a grade of 0.12% molybdenum from 144m and 2m at a grade of 0.38% molybdenum from 146m depth.
• Managing Director, Rupert Verco, said that “In the first 16 drillholes by Cobra at Blue Rose, we've intersected 74m at 1.02% copper and now 62m at 1.0% copper-… and we've only just scratched the surface of what this project might deliver”.
• Endorsing the company’s confidence, “Cobra has recently announced its intention to exercise its option to acquire the Manna Hill Project ("Manna Hill Option") based on the drilling results received to date”.
• The company says that “Two significant zones of high grade >1% Cu have been intersected within … [the Saddleworth Formation - hosted Blue Rose skarn] … primary sulphide mineralisation. Mineralisation remains open at depth and along strike. Subsequent diamond drilling will target mineralisation below drillholes MHRC0013 and MHRC0018”.
• Mr. Verco said that “The work completed to date is rapidly advancing our understanding of this system. The next drillhole could significantly elevate the scale of this major Australian copper discovery”.
• The latest drilling at Manna Hill has given Cobra Resources the confidence to exercise its option which was described, in August 2025 as “in an underexplored porphyry province in the copper capital of Australia”.
• The option terms announced at the time included the payment of A$1m in Cobra shares to the vendor, David Clarke, who is also a Cobra Director as well as “Reimbursement of Seller's substantiated project expenditure (cash) … [and a] … 26% equity interest in any future mining SPV established to hold mining licences where the valuation is determined through two independent valuations”.

Conclusion: Further encouraging drilling results from the Blue Rose prospect as deeper drilling hits primary sulphide skarn mineralisation.

KEFI Gold and Copper* (KEFI LN) 1.5p, Mkt Cap £163m – AGM results

BUY – 4.2p

• Shareholders vote in favour of issuing new shares completing the latest ~£35m placing for the Tulu Kapi Gold Project, Ethiopia.
• The equity raise announced in March completes development funding (~$340m).
• The raise adds to previous commitments to the tune of $310m including:
  • $240m secured bank debt (TDB and AFC)
  • $20m government equity contribution earned through project infrastructure
  • $30m prior KEFI investments since January 2026
  • $20m Chancery Royalty equity ranking royalty
• Tulu Kapi, now officially classified as a Strategic Priority Project in Ethiopia, is guided for maiden production 2028.
• The team is also planning to advance its critical materials portfolio in both Ethiopia and Saudi Arabia, although, the primary focus remains Tulu Kapi development.

Conclusion: Development works at Tulu Kapi are set to accelerate following completion of project funding with focus shifting to project execution on course for first production for 2028. The project hosts a relatively high grade resource (1.7moz at 2.65g/t) with the OP/UG operation expected to run at ~165kozpa at ~$1,140/oz AISC delivering highly attractive economics (Post Tax NPV10 and IRR ~$1,115m and 73% (100% basis) using $4,000/oz).

*SP Angel act as Nomad and Broker to KEFI Gold and Copper

Kodal Minerals* (KOD LN) 0.35p, Mkt Cap £71m – 1Q26 production update highlights Bougouni ramp up

BUY – 0.86p

• The Company report 1Q26 operations update as Phase 1 is ramping up at the Bougouni Lithium Mine in Mali.
• 1Q26 highlights:
  • 274kt 1.2% Li2O mined
  • 6.2x WO
  • 314kt 1.0% Li2O throughput
  • 49% overall recoveries
  • 27.0kt SC5.3 produced
• Mining at the Ngoualana open pit came in below budget January-February held back by drill/blast operations and equipment availability.
• Additional drill rigs and diggers mobilised to site to improve productivity.
• No issues with supply of diesel or explosives reported.
• Focus is on building up ore stocks ahead of the onset of the wet season.
• DMS delivered 10.9kt in March following maintenance works completed in early 1Q26.
• April production is tracking planned budget.
• Phase 2 FS is targeted for YE26 ahead of the FID.
• FS to include additional infill and extension drilling, geotechnical and metallurgical studies, as well as environmental work for development of the 2mtpa flotation facility.
• The Company completed a third concentrate shipment (20kt SC ~5.3%) post reporting period on 12 April.
• The operating subsidiary (Les Mines de Lithium de Bougouni, LMLB) to issue the invoice for 95% of con value shortly with the balance to be settled on cargo arrival in Hainan.
• That follows two shipments for total ~50kt completed before that with LMLB paid $51.3m including:
  • ~29kt exported in late November 2025 and arriving in Hainan early January 2026, 100% paid (~$27m), ~$1,150/SC6 CIF price
  • ~20kt exported in early February 2026 and arriving in Hainan late March 2026, 95% paid so far (~$25m), estimated ~$1,480/SC6 CIF (100% basis)
• The remaining payment for the second shipment pending confirmation of shipped concentrate specs (grade, moisture, final tonnage).
• Kodal holds an effective 32% interest in the Bougouni Lithium Mine.

Conclusion: Phase 1 (DMS, 1mtpa, ~120ktpa SC5.5 / 110ktpa SC6, ~$750/SC6 FOB AISC SPA) ramp up is progressing with March production hitting record levels and April reported on budget. Sales of accumulated concentrate stockpiles are ongoing with >$50m received from Hainan, the JV partner, for the first two shipments (49kt in total). Interim payment for the third shipment (20kt) is due shortly and expected to capture more of a recent lithium price recovery with spot SC6 CIF trading at >$2,000/t. Phase 2 (FLO, 2mtpa, ~240ktpa SC5.5 / 220ktpa SC6, ~$700/SC6 FOB AISC SPAe) FID due by YE26. Overall positive update with Bougouni ramping up into a strong spot lithium market.

*SP Angel acts as financial advisor and broker to Kodal Minerals.

Ivanhoe Mines (IVN CN) C$12, Mkt Cap C$17bn – Kamoa production steady, new smelter benefits from sulphuric acid shortage

• Ivanhoe reports production results from Kamoa-Kakula over 1Q26.
• The combined three phases milled 3.1mt at 2.32% Cu with recoveries of 85.6% for 61.9kt production.
• This compares to 1Q25 of 3.7mt mined at 4.1% Cu for 133kt Cu.
• The newly commissioned smelter produced 71.4kt contained copper and 117.8kt sulphuric acid.
• Ivanhoe reports they are selling sulphuric acid for $500/t to nearby mining operations.
• The Kiphusi zinc mine milled 196.8kt ore at 37% Zn for 65kt Zn, up qoq from 61.4kt Zn.
• Management notes Kipushi production impacted by grid instability, with Ivanhoe upgrading the electrical intake substation to control grid instability.
• Platreef reports 27.5kt of ore milled at 2.78g/t for 1.4koz 3PE & Au.
• Platreef steady state production of 0.8mtpa is expected from mid-year.
• Platreef expected ramp up to 3.8mtpa from 4Q27.

Mkango Resources* (MKA LN) 42p, Mkt Cap £162m – HyProMag and Mkango UK to participate in the UK backed magnet recycling programme

BUY

• The Company reports its subsidiaries – HyProMag and Mkango Rare Earths UK/Mkango UK (both MKA 79%) – will participate in a major new grant funded project to develop magnet recycling for automotive applications.
• The REACT-UK (Rare Earth Automotive Circular Technologies for the UK) Project focuses on developing technologies to extract NdFeB magnets from hybrid and EV drive motors, the recycling and remanufacturing of new magnets.
• Participants in the project include HyProMag (as lead partner), Mkango Rare Earths UK, EMR Group Limited, Jaguar Land Rover, Less Common Metals and The University of Birmingham.
• The total project cost totalled £6.5m over three years with £3.2m (49%) funded by the UK Government through the $4bn DRIVE35 programme managed by the Department for Business and Trade in partnership with the APC and Innovate UK.
• The HyProMag part of the project cost is £3.2m with £1.5m to be grant funded.
• The Mkango UK share of the total cost is £2.3m with £1.1m to be grant funded.
• The patented HPMS technology developed by the University Birmingham and exclusively licensed by HyProMag will recover liberate NdFeB from permanent magnets in a demagnetised powder form.
• Mkango UK which is developing a so-called long loop recycling process (as opposed to the short loop tech used by HyProMag) will then use its hydrometallurgical process to recover REE in oxide form (Nd, Dy, Tb) from the powder.
• The oxides will be converted into metals and alloyed by Less Common Metals (LCM).
• LCM would also process the HPMS powder straight to strip cast alloys by the direct re-melt route.
• The strip cast alloys produced from both these routes will be blended with the HPMS NdFeB powder and then remanufactured by milling, magnetic alignment, pressing and sintering into new NdFeB magnets by HyProMag.
• The project will focus on magnets used by Jaguar Land Rover.

Conclusion: The announcement marks another strong endorsement from the UK government and industry specialists of short and long loop magnet recycling technologies being commercialised by Mkango team with the grant funded REACT-UK Project bringing together strong consortium to develop a fully integrated magnet recycling chain.

*SP Angel acts as nomad and broker to Mkango Resources

Ongwe Minerals* (OGW CN) C$1.15, Mkt Cap C$49m – New bedrock anomaly identified under cover at Belmont prospect, Khorixas, Namibia

• Ongwe Minerals reports the identification of a 2km bedrock gold anomaly under thick alluvial and calcrete cover on the Khorixas Fault zone in Namibia.
• Belmont (Khorixas):
  • “The altered and mineralised wall rock is up to 125m wide with gold values in the bedrock samples to 0.2 g/t”
  • The team expects to find gold-bearing quartz veining within the package.
  • Management plan to diamond drill the “Plains” anomaly once the bedrock sampling is complete.
  • "the presence of high-grade rock chip samples from outcropping quartz veins in the vicinity, gives us confidence that higher grades may be present within the Plains bedrock anomaly.”
  • 639 vertical holes for 3,970m of drilling has been done on a systematic grid of 25m since February.
  • Average hole depth 6m with each hole drilled 1m into the bedrock. Samples were assayed using a portable pXRF instrument using the detectORE™ analytical technique. We view this as appropriate for this type of early-stage field work.
  • Khorixas is located in the Northwest Damara Belt of Namibia.
• Manga (Omatjete):
  • Sampling has now moved to the  4.5 x 1km Manga target on the Omatjete Project.
  • Manga Prospect is reported as an orogenic gold system 30km along strike from the recently discovered Kokoseb gold deposit (WIA Gold).
  • ~1,500m of bedrock test drilling has been completed at Manga, with assay results pending with 2,000-3,000m of bedrock sampling planned.
• Outjo:
  • Outjo is along strike from Osino’s Eureka Gold Discovery and occupies a geological setting similar to that seen at Eureka.
• Members of the technical team are known for the 2moz gold discovery at Twin Hills in Namibia for Osino Resources.

Conclusion:  It’s great to see so much systematic activity and progress at Belmont. We look forward to further assays from the programme and on the future targeting of some deeper drill holes to test the best parts of the anomoly.

*SP Angel analyst(s) hold shares in Ongwe Minerals

Orosur Mining* (OMI LN) 21p, Mkt Cap £70m – High-grade gold mineralisation intercepted 100m west of Pepas

• Orosur reports strong assay results from its regional scout drilling programme around its Colombian gold project, Pepas.
• The Company began aggressively drilling around the Pepas deposit to better understand the wider geology of the project, also completing mapping and sampling programmes.
• Highlights from the drilling include:
  • PEP083: 14.5m at 8.27g/t Au from surface (inc. 2.55m at 42.7g/t Au)
  • PEP082: 26m at 2.85g/t Au from 5m (inc. 7.7m at 5g/t Au
• Hole PEP082 was drilled to target a previously intersected mineralised zone from a different orientation, with mineralisation intersected showing similarities to that of Pepas.
• Hole PEP083 was part of an orientation drilling programme to better understand the trend of the mineralised zone.
• Orosur will continue this orientation drilling at the target before conducting step out drilling.
• At APTA, management has been undertaking studies to support its targeting of untested exploration potential at the Project.
• A 400m hole has kicked off the new exploration programme at APTA to test various concepts.
• Orosur has also begun a large airborne magnetic survey across the southern section of Anza Project to support targeting at APTA and the El Cedro porphyry system.

Conclusion: All systems go at Anza, with Orosur reporting strong, high-grade assay results from surface. The results were drilled 100m west of Pepas and show similar mineralisation to the neighbouring high-grade deposit. We and Orosur have long considered Pepas one of several high-grade gold prospects at Anza, and today’s assays support this theory. Orientation drilling will support further targeting at the target, which holds the potential to add meaningful ounces to Pepas. Meanwhile, deep drilling is targeting untested zones of potential mineralisation at APTA, whilst geophysics surveys will support drill target delineation at the El Cedro copper-gold porphyry target.

*SP Angel acts as Nomad and Broker to Orosur Mining

Panther Metals (PALM LN) 85p, Mkt Cap £7.2m – Further assay results from the Winston Lake tailings project, Ontario

• Panther Metals, has issued the latest batch of assay results from its vibracore drilling at the Winston Lake tailings project in Ontario.
• The results from 13 holes “situated upon six east-west profiles” show “total tailings thicknesses varying between 5.5m to 15.1m … [with] … good grade consistency across the vertical depth-profile and laterally between Vibracore hole collar locations”.
• CEO, Darren Hazelwood, said that the “results continue to highlight the strong production potential offered by the Winston Tailings Project … consistently confirming the continuity of mineralisation within the tailings”.

Serabi Gold (SRB LN) 330p, Mkt Cap £242m – Aiming to surpass 2025 record production in 2026

• Serabi Gold reports the production of 12,042oz of gold in the 3 months to 31st March (Q1 2025 – 10,012oz).
• During the quarter, the Palito mine treated ~25kt of ore at an average grade of 5.90g/t gold to produce 4,592oz of gold (Q1 2025 - ~24kt of ore at 6.25g/t for 4,666oz).
• At Coringa, the processing of ~30kt of ore at a grade of 8.01g/t produced a further 7,450oz of gold (Q1 2025 - ~24kt at 7.17g/t to produce 5,347oz).
• The company is maintaining its 2026 production guidance of 53-57,000oz of gold.
• CEO, Mike Hodgson described the quarter as “excellent … [and said that] … Both mines have performed well”.
• He explained that “with ore sorting ongoing at both sites, the operation remains plant constrained.… [and] … capacity constraints have become more pressing than ever”.
• He said that Serabi Gold “is installing one of the dormant ball mills previously destined for Coringa at Palito to increase plant throughout … [and plans] … to have this fourth mill operational by the fourth quarter of this year, in turn increasing our plant capacity to 330ktpa”.
• Describing “two tragic fatalities in January, both underground … [Mr. Hodgson expressed determination] … to do our utmost to ensure this will not happen again” with the recruitment of seven additional “ health and safety personnel including a health and safety manager and 6 additional safety technicians … [as well as engaging] … an external group to conduct an audit of the health and safety process”.
• Mr. Hodgson said that “the production profile for the year will see each quarter sequentially increasing production, as we anticipate another record year of production in 2026”.

Conclusion: Serabi Gold aims to surpass 2025’s record annual gold production in 2026 with guidance of 53-57,000oz from a steady quarter-on-quarter increase through the year.

*An SP Angel analyst has visited the Serabi’s gold mining operations in Brazil

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

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*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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