SP Angel . Morning View . Tuesday 17.03.26

MiFID II exempt information – see disclaimer below

Almonty Industries (ALM US) – Sangdong Phase 1 commissioned successfully

Atlantic Lithium* (ALL LN)  – Funding of up to US$16.4m secured

Empire Metals* (EEE LN)  – High-grade central zone confirmed at Thomas, Pitfield

First Development Resources (FDR LN)  – Geophysical exploration at the Selta project NT, Australia

GoldStone Resources* (GRL LN)  – Investment in Sierra Leone Gold Project

Metals Exploration (MTL LN)  – Meeting with Nicaragua’s Presidential advisor on investments

New Frontier Minerals* (NFM LN)  – Mining lease application advances on NWQ copper project

Panther Metals (PALM LN)  – Resource drilling at the Winston Lake tailings project, Ontario

Solstice Minerals (SLS AU) – MRE growth expected with successful step-out holes at Nanadie

Strategic Minerals* (SML LN)  – Infill resource drilling contract at Redmoor

West African Resources (WAF AU) – 2025 results show strong cash generation from Burkina

Gold ($5,008/oz) stabilises as dollar edges lower on easing market volatility

• Gold rebounded over $5,000/oz overnight, having hit recent lows of $4,970/oz.
• The metal is down 3.5% over the past week as traders continue to take profits following the 67% ltm rally.
• Gold is trading in increasing lockstep with the dollar, which has rebounded since the start of Trump and Netanyahu’s military intervention in Iran.
• The Euro has weakened over elevated energy cost concerns as oil climbs to near $100/barrel.
• Miners have been hit particularly hard since the start of the war, with the GDX ETF down 18% since late February highs.
• However, $5,000/oz is set to continue to deliver elevated margins for producers, despite expected AISC increases from higher fuel input prices.

Specialist funds raise dry powder as mining equity valuations cool in wake of Iran war

• There have been several notable fundraisings for mining specialist funds in the past few days.
• PE mining specialist Orion Resource Partners has raised $2.2bn for a new mining fund, focused on energy transition metals.
• The fund takes Orion’s AUM to over $9bn, according to Reuters.
• Around 61% of the capital is reported to have already been committed to projects.
• The firm founded by Oska Lewnowski reports strong demand from institutional investors increasing exposure to mining projects.
• Another mining PE house, Appian Capital, formed a $1bn fund with the IFC to invest in mining projects in Africa and LatAm.
• Additionally, Australian group L1 Capital is raising A$1bn for a new gold-focused fund focused on listed equities.
• There has been a sharp derating in mining stocks over the past few weeks, with the Ishares MSCI Global Metals and Mining Producer ETF down 13% over the past three weeks.

Global EV sales topped 1.1m in February (Benchmark Mineral Intelligence)

• The global EV market was down 11% compared to February 2025, and also down 11% compared to January 2026.
• Europe saw 1% mom growth in February, up 21% ytd, driven by new subsidy schemes in Germany and France.
• The US saw 8% monthly growth in February, but is down 36% ytd.
• The Chinese EV market was down 32% in February 2026 compared with the same period last year, with the market is feeling the impact of both the introduction of a purchase tax, for the first time since 2014, and adjustments to the trade-in scheme.
• China's sales volumes have also been affected by Chinese New Year.

Why wait for 1984? You can panic now... And avoid the rush.

• "These are the immortal words of Gill Scott Heron in his song “B” Movie. https://genius.com/Gil-scott-heron-b-movie-lyrics
• The lyrics are extraordinarily pertinent to the current US situation
  • “What has happened is that in the last 20 years, America has changed from a producer to a consumer.
    And all consumers know that when the producer names the tune, the consumer has got to dance.
    That's the way it is.
    We used to be a producer - very inflexible at that, and now we are consumers and, finding it difficult to understand..
  • Natural resources and minerals will change your world.
    The Arabs used to be in the 3rd World.
    They have bought the 2nd World and put a firm down payment on the 1st one.
    Controlling your resources we'll control your world.”
• Just-in-time inventory management and the sale of US Defense Logistics Agency stocks in many critical minerals after the Cold War has left the US dangerously short of the materials it needs to maintain its military machine.
• The DLA tried to buy $1bn of critical minerals in October and in March 2026 the DLA contracted with Terves LLC (REalloys Inc..) to advance the production of certain REEs including samarium and gadolinium.
• But, we are about to discover what a major global superpower does when it can’t get hold of the critical minerals it so badly needs to maintain its superpower status.
• We suspect a ‘superpower tantrum’ will unfold as follows:
  • Subsidies to encourage projects into production – we see this today
  • Extreme prices as the US tries to buy the critical metals its military machine needs - Tungsten at $2,525/mtu is an example
  • Scrap recycling subsidies and restrictions on scrap exports – China is already doing this
  • State acquisition and control of critical mineral projects to speed up development and production – China does this
  • Loans into foreign nations to secure critical mineral supply – China beat the US to this a while ago
  • US state appeals to anyone holding critical minerals to hand over materials in patriotic support.
  • Munitions factories grind to a halt on a lack of suitable materials – Chinese munitions factories keep going!
  • Taiwan hands itself over to the CCCP realising the US has spent all its munitions in Iran
• Key Critical minerals for defence:
  • REEs: NdPr, Dy, Tb, Yt, Ga, Sm, Co,
  • Tungsten – armour piercing and ball bearings – China produced 79% of the 85,000t of global tungsten output last year (USGS)
  • Lithium and Graphite – for guidance systems, high-powered batteries and lubricants
  • Gallium and Germanium - for semiconductors, thermal imaging and guidance systems
  • Beryllium – for navigation, gyroscopes, and fire suppression
• Growing deficits in many of these metals in the West can be resolved through the development of new mines or new supply agreements with China.
• In the absence of an agreement with China, the US is going to have to work hard to find its critical metals / alloys/

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Currencies

US$1.1499/eur vs 1.1441/eur previous. Yen 159.14/$ vs 159.30/$. SAr 16.723/$ vs 16.869/$. $1.331/gbp vs $1.325/gbp. 0.707/aud vs 0.701/aud

CNY 6.888/$ vs 6.900/$. Dollar Index 99.93 vs 100.27 previous

Economics

US – Treasury Secretary Bessent downplayed concerns over high energy prices and potential delays to Trump-Xi meeting.

• Bessent said oil prices would be “probably much lower” than $80 in a couple of month’s time.
• Treasury Secretary added that a potential delay to Trump trip to China is due to logistics and driven by the president wanting to remain in DC to coordinate the military operation in the Middle East.
• Earlier Trump said he may delay his visit to China by a month that was originally planned for March 31 – April 2.
• US threatens to expand strikes on Kharg Island that hosts infrastructure for most of Iranian oil exports.
• Meanwhile, Iran pressed on with attacks on energy infrastructure in the region.
• Drones hit the Shah gas field in the UAE, the first incident of Iran damaging upstream facilities in the country during the war.
• Brent prices resumed its upward trajectory following a temporary pull back on Monday.
• A two-day Fed meeting starts tomorrow with markets expecting no change to key rates (3.5-3.75%).
• Markets are increasingly reducing expectations for rate cuts through the year and see only one in 2026, down from two at the start of last month.

Australia – The central bank hikes rates to 4.1% from 3.85%, in line with expectations, in a split vote (5-4) as inflation continues to run above the 2-3% target.

• This was the first back-to-back increase since mid-2023.
• The RBA previously forecast CPI to peak at 4.2% this year (3.8% at the moment), although, using ~$64/bbl oil price.
• Markets are pricing another rate hike in May to 4.35%.

Precious metals:

Gold US$5,021/oz vs US$4,994/oz previous

   Gold ETFs 99.4moz vs 99.7moz previous

Platinum US$2,147/oz vs US$2,048/oz previous

Palladium US$1,616/oz vs US$1,557/oz previous

Silver US$81.1/oz vs US$79.3/oz previous

   Silver ETFs 806.9moz vs 813.1moz previous

Rhodium US$11,450/oz vs US$11,500/oz previous

Base metals:   

Copper US$12,766/t vs US$12,720/t previous

Aluminium US$3,412/t vs US$3,422/t previous

Nickel US$17,370/t vs US$17,135/t previous

Zinc US$3,251/t vs US$3,259/t previous

Lead US$1,919/t vs US$1,892/t previous

Tin US$46,470/t vs US$47,630/t previous

Energy:

Oil US$104.4/bbl vs US$105.6/bbl previous

• Crude oil prices remain elevated as US President Trump received limited support to help secure the Strait of Hormuz and Iran continued retaliatory strikes on Israel and several Arab states.

Natural Gas €52.8/MWh vs €52.0/MWh previous

Uranium Futures $86.3/lb vs $86.0/lb previous

Bulk:

Iron Ore 62% Fe Spot (Singapore) US$108.9/t vs US$107.5/t

Chinese steel rebar 25mm US$465.4/t vs US$464.3/t

HCC FOB Australia US$221.0/t vs US$220.5/t

Thermal coal swap Australia FOB US$135.0/t vs US$138.5/t

Other:  

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

NdPr Rare Earth Oxide (China) US$115,200/t vs US$116,303/t

Lithium carbonate 99% (China) US$21,850/t vs US$21,739/t

China Spodumene Li2O 6%min CIF US$2,065/t vs US$2,065/t

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

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

China Tantalum Concentrate 30% CIF US$231/lb vs US$224/mtu

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

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

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

China Ilmenite Concentrate TiO2 US$259/t vs US$259/t

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

China Rutile Concentrate 95% TiO2 US$1,140/t vs US$1,138/t

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

Brazil Potash CFR Granular Spot US$380.0/t vs US$380.0/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

Tesla named as stakeholder in LG Energy Solution's $4.3bn battery supply agreement

• The US Department of the Interior has confirmed Tesla as the stakeholder in LGES' $4.3bn battery supply agreement.
• Tesla and LGES are expanding their partnership to build LFP batteries in Michigan, with production expected to begin in 2027.
• The cells will be used for Tesla's Megapack 3 energy storage systems rather than in EVs.

Company News:

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Almonty Industries (ALM US) $19, Mkt Cap $5.4bn – Sangdong Phase 1 commissioned successfully

• Almonty provides an update on its Sangdong tungsten project in South Korea.
• The Company has now commissioned the Phase 1 processing plant, due to process 640ktpa ore and produce 2.3ktpa tungsten concentrate.
• Almonty will aim to ramp up processing in Phase 2 to 1.2mtpa for 4.6ktpa tungsten concentrate.
• Almonty is also set to develop a tungsten oxide facility adjacent to Sangdong.
• Almonty is producing from the Portuguese Pansqueira Mine (59kmtupa) and holds the Los Santos Project in Spain, currently on C&M, and the PFS stage Valtreixal Project, also in Spain.
• Sandong holds reserves of 8.6mt at 0.42% WO3, indicated MRE of 8mt at 0.51% WO3 and inferred MRE of 51mt at 0.43% WO3.
• Almonty expects production costs of $127/mtu, recoveries of 85% and concentrate grades of 65% WO3 from Sandong, with a 45 year LOM.

Atlantic Lithium* (ALL LN) 15.7p, Mkt Cap £115m – Funding of up to US$16.4m secured

• Atlantic Lithium report the potential for up to ~US$16.4m of new funding from:
• US$11.0m from a group of Ghanaian pension funds
  • Clients of IC Asset Managers for ~US$11.0m
• US$5.4m at 14.6p/s through the placing of equity to Long State Investments Ltd as part of the continuing scheme placing.
• Milestone-linked warrants: exercise price up to 21.9p per warrant for a total value of US$6.0m
• The warrants will become exercisable on the achievement of pre-defined milestones:
  • Parliamentary ratification of the Ewoyaa Mining Lease;
  • Project Final Investment Decision ("Project FID"); and
  • Breaking ground at Ewoyaa.
• Mining Lease ratification:
• The Committee on Lands and Natural Resources in Ghana held a meeting on 12 February regarding the ratification of the Mining Lease.
• The Company is not aware of the outcome and has not received any formal confirmation of the timing for the Mining License ratification.
• Takeover offer: Discussions relating to a potential takeover and exclusivity period are reported to have now ceased.

*SP Angel acts as Nomad to Atlantic Lithium

Empire Metals* (EEE LN) 33p, Mkt Cap £225m – High-grade central zone confirmed at Thomas, Pitfield

1. Empire Metals reports diamond drilling results from its Pitfield titanium project in Western Australia.
2. The Company finished an eight hole, 745m programme to boost MRE confidence and improve geological, geochemical, metallurgical and geotechnical understanding of the project.
3. The diamond drilling programme has further confirmed the high-grade central zone at the Thomas Prospect.
4. Highlights include:
   1. DD25TOM009: 56m at 6.55% TiO2 2m
   2. DD25TOM010: 61m at 6.64% TiO2 from 2m
   3. DD25TOM012: 51m at 6.05% TiO2 from surface
   4. DD25TOM013: 54m at 6.83% TiO2 from surface
5. High-grade results include 10.13% over 9.3m from 26m and 9.88% TiO2 from 3m.
6. Empire will target the high-grade central zone for further infill drilling, metallurgical test work and mine planning.
7. Empire is currently advancing a 754 drill hole programme over 41,250m to upgrade the resource classification at Thomas and expand the Cosgrove resource.
8. The MRE upgrade drilling programme consists of 683 AC holes and 71 RC holes, with five rigs now mobilised to site and operational.
9. The Company is aiming to deliver an updated MRE in 3Q26.

Conclusion: Resource definition and mine plan derisking has accelerated at Pitfield, due to deliver an updated MRE in 3Q26. It is encouraging to see high-grade TiO2 results reported from the Thomas Central Zone, which have the potential to offer a starter pit to feed high-grade TiO2 ore into the plant in the early stages of the long-life operation. Diamond core will be used to further expand the metallurgical testwork programme and boost geotechnical understanding of the deposit as Empire advances towards Scoping Study completion.

*SP Angel acts as nomad and broker to Empire Metals

First Development Resources (FDR LN) 2.3p, Mkt Cap £3.1m – Geophysical exploration at the Selta project NT, Australia

• First Development Resources reports that its geophysical work at the Lander West gold target in its Selta exploration project in the Northern Territory, Australia is now around 50% complete.
• The work aims to “enhance the Company's understanding of subsurface geology and structural architecture across the target area, supporting the refinement of potential drill targets”.
• In conjunction with “aeromagnetic, radiometric, and geochemical data” the results of the current Gradient Array Induced Polarisation (GAIP) survey are “guiding design and prioritisation of future air core drilling and reverse circulation drilling programmes at Lander West”.
• Today’s announcement explains that the work was temporarily slowed by adverse weather causing “Flooding throughout the region … [which] … made access tracks impassable particularly at creek crossings”.
• CEO, Tristan Pottas, confirmed that the “GAIP survey at Lander West will recommence soon, and the integrated analysis of our geophysical and geochemical data is already sharpening our drill targets”.
• The announcement also confirms that the company has applied for an additional exploration licence south of its current holding “with favourable structural and geological continuity supporting its high gold prospectivity”.
• Planned exploration of the new area, if it is awarded, will “target the interpreted continuation of the Stafford Gold Trend, focusing on structurally controlled, shear-hosted, and intrusion-related gold mineralisation”.

Conclusion: Geophysical exploration aimed to help identify drill targets at the Lander West prospect in Australia’s Norther Territory, will resume shortly following weather induced delays

GoldStone Resources* (GRL LN) 0.8p, Mkt Cap £11m – Investment in Sierra Leone Gold Project

• The Company signed a binding MOU to acquire a 50% interest in gold licenses in Sierra Leone.
• The Company to take a stake in Mincorp (SL) Ltd that owns a small scale artisanal gold operation and prospective exploration ground in the Eastern Province of the country.
• The project is located next to Boamahun Gold Mine, a development asset owned by private FG Gold and hosting 5.8moz at 1.92g/t in JORC resource (first production targeted 2026; ~184kozpa over first 5y).
• The Company to invest £600k (cash) into Mincorp for a 50% stake.
• Funds to be used for the commissioning of mining and processing equipment and establishing initial production (~2kg pm).
• The plan is to generate early operational cashflows to fund systematic exploration across the broader license area.
• Under the MOU Mincorp will payGoldstone a one-off overriding royalty in respect of 100% of the first 70oz (~2kg) of gold production.
• The Company to nominate one Director (Mike Jones) to the Board of Mincorp to join the founder Augustine Sheku.

Conclusion: The Company secures a low cost entry into a highly prospective gold district in Sierra Leone diversifying its portfolio and aiming to establish small scale production to fund wider exploration efforts.

*SP Angel acts as Broker to Goldstone Resources

Metals Exploration (MTL LN) 13.85p, Mkt Cap £414m – Meeting with Nicaragua’s Presidential advisor on investments

• According to local news sources, Nicaragua’s Presidential Advisor for the Promotion of Investment, Trade and International Cooperation, Laureano Ortego Murillo, has met representatives of Metals Exploration’s Condor Gold which is developing the La India gold project. 
• Mr. Ortego Murillo said that the meeting was convened to “review the progress they have made in the important mining project in La Mina La India … [as well as] … the prospects of expansion that they have, to continue working in our country, generate employment, generate well-being and project Nicaragua in the world as a safe and attractive destination for investments.
• UK listed Condor Gold was acquired in early 2025 by Metal Exploration for £67.5m in cash and shares.

New Frontier Minerals* (NFM LN) 0.009p, Mkt Cap £16m – Mining lease application advances on NWQ copper project

• New Frontier Minerals report the advance of the Big One copper project mining lease application in Queensland, Australia
• The mining lease application has passed through its initial regulatory review and now has technical assessment approval from state Natural Resources and Mines Department
• Working capital: A$2.62m. Additional funding is expected from grants and R&D rebates
• Big One Copper: 2012 JORC resource of 2.1mt grading 1.1% copper at surface to 50m for 21,886t of contained copper
  • Plus, surface stockpiles of 7,400t @ 1.2% Cu indicated - Sulphuric acid leach test-work on material shows 99% recoveries
  • 14 priority prospects identified at NWQ, in the Mt Isa region.

Other historic drilling:

• 40m @ 1.64% Cu from surface
• 44m @ 1.19% Cu from surface
• 34m @ 1.51% Cu from surface
• Harts Range Project:
  • REEs: Exploration to continue on untested Heavy REE geophysical targets
  • Kings Cross Prospect shows prominent magnetic anomaly~150-200m in diameter and extending to 150-200m depth.
  • Tungsten potential: Bank Prospect initial drilling shows 4m @ 1,237ppm tungsten and higher-grade intervals of >1m up to 4,860ppm (0.48%).
  • Cusp Prospect (Surface Samples): Surface rock-chip assays demonstrated significant mineralisation, with values ranging from 5,930 ppm to 14,501 ppm (1.45%)
• Pomme Rare Earth Element and Niobium Project (Québec, Canada)
  • Metallurgical test work to start on REE-Niobium diamond core samples
  • Testing core samples in Metallium's Flash Joule Heating technology

Conclusion: Management are working to realise near-term value at the Big One Copper project while continuing to explore for REEs and tungsten at Harts Range and the new Pomme prospect in Canada.

*SP Angel acts as broker to New Frontier Minerals

Panther Metals (PALM LN) 92.5p, Mkt Cap £7.4m – Resource drilling at the Winston Lake tailings project, Ontario

• Panther Metals, which announced yesterday the completion of its vibracore drilling programme at its Winston Lake tailings project in Ontario has now issued the first batch of assay results from the programme.
• Reporting that the results “show good grade consistency across the vertical depth-profile and laterally between Vibracore hole collar locations” today’s announcement includes:
  • A combined intersection in hole WT-26-001 of 5.85m between 0.70-6.55m at an average grade of 0.62g/t gold, 15.85g/t silver, 1.39% zinc, 0.14% copper, 395ppm cobalt, 15ppm gallium and 101ppm indium (based on SP Angel calculation of reported multiple intersections); and
  • A combined intersection in hole WT-26-002 of 4.15m between 1.30-5.45m at an average grade of 0.43g/t gold, 13.74g/t silver, 1.38% zinc, 0.14% copper, 354ppm cobalt, 15ppm gallium and 101ppm indium; and
  • A combined intersection in hole WT-26-003 of 8.20m between 1.07-9.27m at an average grade of 0.49g/t gold, 12.72g/t silver, 1.69% zinc, 0.14% copper, 345ppm cobalt, 17ppm gallium and 98ppm indium; and
  • A combined intersection in hole WT-26-004 of 12.20m between 1.77m-13.97m at an average grade of 0.53g/t gold, 11.28g/t silver, 1.49% zinc, 0.13% copper, 287ppm cobalt, 13ppm gallium and 92ppm indium
• CEO, Darren Hazelwood, said that the “continuity of mineralisation and grade we are seeing gives us increasing confidence in the underlying potential of the project”.
• He said that “Historical mining records from the Winston Lake Mine indicate the deposit was characterised by a very uniform distribution of mineralisation, and while our current results remain early-stage, we are already seeing encouraging signs that this pattern is being mirrored in the tailings”.
• Mr. Hazelwood observed that “For us, that consistency is extremely important. An even spread of mineralisation supports the potential for predictable processing and scalable production, which is exactly what you want to see when developing a strong production story”.

Solstice Minerals (SLS AU) A$0.94, Mkt Cap A$110m – MRE growth expected with successful step-out holes at Nanadie

• Copper explorer Solstice reports assays from its Phase 1 RC programme at the Nanadie copper-gold project in Western Australia.
• Final assays include results from step-out holes drilled beyond the limits of the current 40mt MRE.
• Highlights include:
  • NANRC023: 44m at 0.52% and 0.23g/t Au from 146m within a wider zone of 187m at 0.31% Cu, 11g/t Au from 5m (northernmost hole)
  • NANRC021: 33m at 0.52% Cu and 0.12g/t Au from 10m, 29m at 0.93% Cu, 0.3g/t Au from 50m
  • NANRC022: 25m at 0.4% Cu, 0.07g/t Au from 102m
  • NANRC020: 46m at 0.47% Cu, 0.11g/t Au from 177m
• The drilling results above are coincident an IP chargeability anomaly open at depth and to the north.
• Infill drilling at the southern end confirmed MRE grades.
• Management states the results justify immediate RC and diamond drilling follow up to test high-grade open intercepts, alongside step-out and down-dip extensional targets beyond the current footprint.
• The historic resource comprises disseminated and remobilised sulphide veinlet style chalcopyrite mineralisation.

Strategic Minerals* (SML LN) 4p, Mkt Cap £105m – Infill resource drilling contract at Redmoor

• Strategic Minerals confirms that it has contracted additional infill resource drilling work at its Redmoor Tungsten-Tin – Copper Project.
• The additional work, which follows completion of the previous drilling campaign in December, “is designed to enable conversion of inferred mineral resources to indicated mineral resources, and to produce a reserve calculation for the Redmoor deposit, as part of, and subject to, successful completion of the planned prefeasibility study programme”.
• In January, the company raised an additional £4m to progress the “Company's Redmoor Tungsten-Tin-Copper Project in Cornwall ("Redmoor") into the next phase … [including] … a 16,000 metre infill drilling programme”.
• At this stage, details of the programme have still to be released but the company explains that it “will begin with one drill rig, which has arrived at Redmoor … and will commence following the completion of site preparatory works. The initial drill pads will utilise drill pads previously permitted as part of the 2025 programme”.
• “A planning permission application is expected to be submitted in early April, covering additional drill pads and for the expansion of drilling operations, subject to approval”.
• Dennis Rowland, Managing Director of the operating company, Cornwall Resources, explained that the 2025 drilling has “shown that the new deposit model for Redmoor has a high degree of reliability … [and that] … following the successful completion of the … drilling programme, the design process for the resource infill drilling programme was accelerated”.
• Commenting against the background of record high prices for tungsten, Mark Burnett, Executive Director of Strategic Minerals, said that “it is increasingly more important to progress the Redmoor project and highlight its potential strengths as Europe's highest grade, undeveloped, tungsten resource”.
• When it released the results of the final hole of the 2025 drilling work earlier this month, Strategic Minerals confirmed that it is “on schedule to complete the MRE and economic updates for the project by the end of Q1 2026 and move swiftly into the next phase of development”.
• The new drilling contract is, in our opinion, a key part of that next phase and reflects the company’s confidence in the project and a background of strong commodity demand and prices.

Conclusion: Strategic Minerals has moved swiftly to deploy the funds from its January raising to secure the drilling contract for an infill programme to upgrade its MRE and progress the Redmoor pre-feasibility study.  We await the forthcoming revised MRE incorporating the results from the drilling in 2025 which is expected later this month.

*SP Angel acts as Nomad and broker to Strategic Minerals

West African Resources (WAF AU) A$3, Mkt Cap A$3.4bn – 2025 results show strong cash generation from Burkina

• Burkina Faso gold miner West African announces 2025 results.
• The Company produced 300.4koz Au at $1,488/oz AISC over the year.
• Revenue generated at A$1.5bn, with cash flow from operating activities reported at A$790m.
• Company reports a cash position of A$584m at year end and 27.1koz Au.
• WAF will report updated reserves and resources at the end of 1Q26, alongside a 10 year production target.

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

No1 for Precious Metals: CY 2025

No.1 in Precious Metals: Q1 2025

No.1 in Precious Metals: CY 2024

No.2 in Base Metals: CY 2024

Analysts

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

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

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

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

Sales

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

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

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

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

Prince Frederick House

35-39 Maddox Street

London, W1S 2PP

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

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

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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.