SP Angel . Morning View . Wednesday 18.03.26

MiFID II exempt information – see disclaimer below

Beowulf Mining* (BEM LN)  – €1.1m funding to advance slurry pipeline project

Core Lithium (CXE AU) – FID approved and funding secured for Finnis Lithium Mine restart

Critical Mineral Resources (CMR LN)  – Working towards initial MRE at Agadir Melloul in Q3

Galantas Gold* (GAL LN)  – Drilling gets underway at Indiana

Gem Diamonds (GEMD LN)  – Positioning to capture any improvement in the global rough diamond industry

Rome Resource (RMR LN)  – Kalayi drilling shows further tin mineralisation beneath the existing resource

Sovereign Metals* (SVML LN)  – Resource jumps 32% to 2.1bnt of Rutile at 0.96% increasing value of Kasiya project in Malawi

Turaco Gold* (TCG CN) – Afema MRE increased to 4.65moz at 1.3g/t Au

Copper ($12,730/t) edges lower as inventories continue to rise whilst Codelco production slides

• Copper prices continue to edge lower, weighed down by a stronger dollar and elevated inventories.
• The metal has been hovering between $12,700-13,500/t since the sharp December rally from $10,800/t.
• LME inventories have hit their highest level in the last six years, climbing 19kt yesterday.
• Chinese demand is reportedly weakening in the face of higher prices, as end-users show some sensitivity to higher prices.
• However, supply concerns persist, with Codelco reporting its fourth-lowest monthly production result in the past 10 years at 91kt.
• Codelco has a stated goal of boosting production to 1.7mtpa by 2030.
• Codelco reported 1.33mt Cu production in 2025, but is struggling with aging ore bodies and declining grades.

Aluminium - Bahrain’s Alba smelter has closed 19% of its 1.6mtpa capacity.

• Hindalco have halted output of extruded products due to a higher input prices and shortage of gas.
• China aluminium output rose 3% yoy to 7.53mt in January and Febriary
• Mozal smelter in Mozambique placed on care and maintenance by South 32 cutting 575ktpa. They could not agree a suitable power price agreement.

Zinc – China may start to run short of zinc concentrates if conflict is prolonged.

• Iran supplies some 280kt out of 4.7mtpa of zinc concentrate imports
• These concentrates are loaded at the Bandra Abbas and Omani ports
• Boliden’s Garpenberg zinc mine is suspended during seismic activity. Garpenberg produces ~110ktpa of zinc metal.

IG TV – Commodity Markets Weekly: https://youtu.be/-YKK0NzMLZ0?si=i-83_jtBI8u5bM86

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Currencies

US$1.1526/eur vs 1.1499/eur previous. Yen 158.89/$ vs 159.14/$. SAr 16.625/$ vs 16.723/$. $1.336/gbp vs $1.331/gbp. 0.711/aud vs 0.707/aud.

CNY 6.876/$ vs 6.888/$. Dollar Index 99.65 vs 99.93 previous.

Economics

Iran/Israel – Tehran hit Tel Aviv with missiles carrying cluster warheads in retaliation for assassination of security chief Ali Larjani and other key officials.

• The attack killed two people in a neighbourhood close to Tel Aviv taking the death toll in Israel to at least 14.
• Israel authorises immediate targeting of senior Iranian and Hezbollah officials without the need for formal approval through the chain of command.

Iran - The IRGC announced the start of a retaliation operation following the assassination of Ali Larijani.

US - US ordered all embassies to urgently review security due to escalating threats linked to the Iran conflict.

• The move follows hundreds of attacks, mainly in the Middle East, targeting US facilities.

Russia – seen increasing military support to Iran through satellite intelligence and upgraded drone technology and tactics.

• Moscow is thought to be looking to prolong the conflict.

Precious metals:

Gold US$4,991/oz vs US$5,021/oz previous

   Gold ETFs 99.4moz vs99.4moz previous

Platinum US$2,095/oz vs US$2,147/oz previous

Palladium US$1,591/oz vs US$1,616/oz previous

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

   Silver ETFs 804.3moz vs 806.9moz previous

Rhodium US$11,400/oz vs US$11,450/oz previous

Base metals:   

Copper US$12,660/t vs US$12,766/t previous

Aluminium US$3,349/t vs US$3,412/t previous

Nickel US$17,200/t vs US$17,370/t previous

Zinc US$3,201/t vs US$3,251/t previous

Lead US$1,931/t vs US$1,919/t previous

Tin US$46,785/t vs US$46,470/t previous

Energy:

Oil US$102.3/bbl vs US$104.4/bbl previous

• Crude oil prices remain volatile after Iraq reached a deal with the KRG to resume transportation of oil volumes through the export pipeline to Turkey’s Ceyhan port, even as Iranian state media confirmed the death of Ali Larijani.
• The API estimated a US oil inventory w/w build of 6.6mb (vs 0.6mb draw expected), offset by draws of 4.6mb to gasoline and 1.4mb to distillate stocks, with US domestic gasoline prices reportedly up ~25% m/m to average $3.68 per gallon and diesel prices up over 10% m/m to average $4.99 per gallon.
• European energy prices were broadly unchanged and continue to trade at roughly $100/bbl equivalent, as France's average nuclear generation during February rose 1.5% y/y to 77.5% of the country’s 61.4GW maximum capacity.

Natural Gas €51.3/MWh vs €52.8/MWh previous

Uranium Futures $86.2/lb vs $86.3/lb previous

Bulk:

Iron Ore 62% Fe Spot (Singapore) US$107.7/t vs US$108.9/t

Chinese steel rebar 25mm US$466.5/t vs US$465.4/t

HCC FOB Australia US$221.5/t vs US$221.0/t

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

Other:  

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

NdPr Rare Earth Oxide (China) US$108,351/t vs US$115,200/t

Lithium carbonate 99% (China) US$21,597/t vs US$21,850/t

China Spodumene Li2O 6%min CIF US$2,035/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$238/lb vs US$231/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$29.1/kg vs US$28.4/kg

China Ilmenite Concentrate TiO2 US$260/t vs US$259/t

US Titanium Dioxide TiO2 >98% US$2,759/t vs US$2,959/t

China Rutile Concentrate 95% TiO2 US$1,142/t vs US$1,140/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

Global battery EV sales for January and February (Benchmark Mineral Intelligence)

• Global sales in January and February totalled 2.2m, down 8% yoy.
• China remained the biggest EV market, with sales at 1.1m, but sales fell 26% yoy
• Europe saw strong sales to start the year totalling 0.6m, which was up 21% for the period yoy.
  • Europe's growth was supported by new subsidy schemes in France and Germany, with sales up 30% and 26& respectively.
• North America sales were down 36% yoy to 0.17m, despite growth in February of 8%.
• Rest of the World sales figures for the period were 0.37m, up 84% yoy.

Company News:

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Beowulf Mining* (BEM LN) 7.8p, Mkt Cap £4.7m – €1.1m funding to advance slurry pipeline project

• Beowulf’s subsidiary Jokkmokk Iron has been awarded conditional funding of €1.1m from the European Institute of Innovation and Technology.
• The funding forms part of the €2.4m NordicPipe Project.
• The project’s aim is to advance the development of slurry pipelines in the Nordic region.
• The pipeline will be engineered to perform under extreme operating conditions, including sub-zero temperatures.
• The project will build a demonstration facility in a cold-climate environment to further derisk engineering.
• €1.1m in funding has been awarded to a consortium, led by Jokkmokk Iron, including various industry and engineering bodies.
• Beowulf is aiming to develop a slurry pipeline to transport Kallak iron ore concentrate to the railhead, expected to materially reduce OPEX.

Conclusion: This is a major step for Beowulf and their Kallak Iron Ore Project in Sweden. The slurry pipeline project and associated funding is expected to materially derisk the proposed slurry pipeline with detailed engineering studies, expected to exceed Feasibility Study requirements. The slurry pipeline is expected to reduce Kallak’s operating costs and accelerate permitting of the project.

*SP Angel acts as Nomad and Broker to Beowulf Mining, An SP Angel analyst recently visited Kallak

Core Lithium (CXE AU) A$0.22, Mkt Cap A$586m – FID approved and funding secured for Finnis Lithium Mine restart

• The Company approves Final Investment Decision to restart operation at the Finnis Lithium Project in Australia (NT).
• The Company also announces a closure of US$240m debt and equity funding package to support restart and ramp up of operations.
• Funding includes:
  • US$70m convertible note from Glencore and InfraVia (6y 10% coupon (coming down to 8% on steady state at BP3), 120% premium conversion to A$0.21 placing price)
  • US$50m senior secured dabt facility from Nebari (4y, monthly repayment schedule post 18m principal grace period, SOFR + 5.0%(subject to 3.5% SOFR floor)
  • US$120m equity raise (@A$0.21/sh)
• Separately, the Company signed a marketing agreement with Glencore for the sale of its lithium concentrate.
• Use of proceeds include:
  • A$208m mine restart
  • A$69m working capital and corporate G&A
  • A$30m growth and exploration
• Early works and site preparation to commence immediately.
• Grants Open Pit to provide near term ore feed source with BP3 underground development to be carried in parallel.
• BP3 is expected to come online mid CY27 and ramp up to nameplate 1.2mtpa in mid CY28.
• FID economic highlights include:
  • 20y LOM
  • 1.2mtpa
  • 1.27% feed grade and 78% recoveries
  • 214ktpa SC6E
  • A$762/SC6E opex
  • Post tax NPV8 and IRR A$837m and 77% (@US$1,500/SC6E CIF)

Critical Mineral Resources (CMR LN) 2.35p, Mkt Cap £7.7m – Working towards initial MRE at Agadir Melloul in Q3

• Critical Mineral Resources has provided a progress report on its drilling at the Agadir Melloul copper/silver project in Morocco where it currently has two diamond drill rigs in operation.
• The company completed 720m of drilling in February “reflecting a combination of adverse weather conditions and contractor rig breakdowns” but now reports daily drilling rates in excess of 50m between the two machines.
• “With both rigs now operating effectively, the Company expects to drill close to 1,000 metres in March and intends to increase this rate to 1,200 metres per month in the coming months”.
• Today’s announcement confirms “visible sulphide mineralisation” in core from Zones 1 and 2 and photographs included in the news release show examples including what appears to be secondary copper mineralisation.
• CEO, Charlie Long confirmed that “drilling operations at Agadir Melloul are now running smoothly … [following] … a challenging start to the year”.
• Mr. Long commented that “Agadir Melloul continues to demonstrate the characteristics of a potentially significant copper system, with shallow mineralisation, encouraging grades and considerable exploration potential across the wider licence area”.
• An initial mineral resource estimate (MRE) focussing on “shallow mineralisation identified within a small portion of the overall Agadir Melloul licence area … [is expected] … in Q3 2026”.
• The MRE will precede “the mining studies required for the Agadir Melloul feasibility study, including mine design and production scheduling, with the objective of supporting the development of an initial mining operation”.

Conclusion: Drilling at Agadir Melloul in Morocco is accelerating as the company works towards an initial MRE in Q3 2026.

Galantas Gold* (GAL LN) 39p, Mkt Cap £161m – Drilling gets underway at Indiana

• Galantas Gold, who have recently positioned as a Chilean gold developer, provide an update from their Indiana gold project in northern Chile.
• The Company has begun a 17 hole, 5,000m diamond drill programme at Indiana.
• The drilling is intended to tighten up drill spacing and support the team’s geotechnical understanding of the underground resource.
• Additionally, drilling will test for high-grade gold mineralisation down-dip of the Bondadosa and Flor de Espino gold veins to expand the MRE and extend mine life.
• Extensions of the known vein systems will be targeted c.200-350m below surface.
• Indiana holds an inferred MRE of 4.93mt at 2.24g/t Au and 1.31% Cu for 356koz Au and 65kt Cu.
• Drill results will support the completion of the Indiana PEA, due May 2026.

Conclusion: An exciting period for Galantas as they begin their first drilling programme at Indiana, which hosts a high-grade underground vein-hosted gold-copper deposit. Drilling will both derisk future mine planning with infill and target down-dip extensions of known mineralisation. Management sees significant expansion potential to Indiana’s 4.93mt MRE and will target higher grade and wider zones of mineralisation at the Bondadosa and Flor de Espino veins. The Company is looking to deliver a PEA in May 2026 before bringing the Project into production in 2H26. Galantas is aiming to bring two low-CAPEX projects into production over the next 18 months, targeting 100kozpa AuEq from late 2027. We see Galantas as one of the most interesting gold development stories in London currently and we look forward to further derisking of both Indiana and the Andacollo heap leach project.

*SP Angel acts as Broker to Galantas Gold

Gem Diamonds (GEMD LN) 3.9p, Mkt Cap £6.4m – Positioning to capture any improvement in the global rough diamond industry

• Gem Diamonds reports a loss of US$9.1m for 2025 (2024 profit of US$8.1m).
• After allowing for exceptional items totalling US$95.4m, including asset impairments of US$77.5m, the attributable loss for the year amounts to US$104.0m.
• The impairment of the Letšeng mine reflects “prolonged downward pressure on the rough diamond market and the weakened US dollar against the Lesotho loti” as well as a write-down of value of the mine’s ore stockpiles “due to lower diamond prices and the weakened US dollar at 31 December 2025”.
• In September, the company announced cost control measures, including a reduction in the mine’s operating life from 2039 to 2035 and large cuts in the workforce in response to “Sustained pricing pressure, softer demand in key markets, ongoing macroeconomic and geopolitical uncertainty, and tariff uncertainties in respect of India … [which] … combine to create difficult trading conditions”.
• The financial results reflect the recovery of 90,354 carats of diamonds (2024 – 105,012 carats) at an average value of US$1,105/carat (2024 – US$1,390/carat) generating revenue of US$98.4m “a 36% decrease compared to 2024”.
• “The Group ended the year with a cash balance of US$3.8 million and drawn down facilities of US$23.9 million, resulting in a net debt position of US$20.1 million and available undrawn facilities of US$68.3 million”.
• Mining recovered 9 individual diamonds larger than 100 carats in 2025 (2024 – 13 diamonds) and the company confirms that so far in 2026 it has recovered “two notable diamonds”, a 192 carat stone and a 105 carat stone “underscoring Letšeng's continued ability to produce exceptional large diamonds”.
• Commenting on the diamond market, Gem Diamonds describes 2025 as “a particularly difficult year … [with prices] … under pressure from a combination of elevated inventory levels, weak demand in important markets and the growing prevalence of synthetic diamonds, specifically in smaller size categories”.
• “These industry dynamics were compounded by persistent global macro-economic headwinds such as the impact of US tariffs and a weakening of the US dollar, and an increasingly unstable geopolitical environment”.
• Looking ahead, CEO, Clifford Elphick, said that “In the medium to long term, rough diamond prices should be supported by favourable demand and supply fundamentals, with a projected further decrease in natural rough diamond supply”.
• Mr Elphick said that “streamlining of the cost base of the Group has positioned it well to navigate the prevailing diamond market conditions, and we are confident that the implemented measures have better equipped the Group for recovery as market conditions improve”.

Conclusion: Gem Diamonds restructuring and financial impairments in 2025 are intended to position the company to weather current diamond market pressures and to benefit from any future improvement in the global rough diamond market.

Rome Resource (RMR LN) 0.3p, Mkt Cap £20m – Kalayi drilling shows further tin mineralisation beneath the existing resource

• Rome Resources reports that it has completed almost 2,700m of core drilling at its Kalayi tin prospect in its Bisie North project in the DRC since drilling was restarted in late 2025.
• The current programme is “nearing completion, with the final two holes currently being drilled”.
• “Recent drilling continues to confirm the presence of high-grade tin mineralisation, including strong intercepts encountered at depth beneath the existing Mineral Resource Estimate” of 0.33m inferred tonnes at an average grade of 1.36% tin which was released in October 2025.
• The October release also reported 3.16mt at an average grade of 1.45% copper, 0.19% tin, 2.72% zinc &14.3g/t silver at the nearby Mont Agoma prospect.
• Drill core samples have been shipped to Johannesburg for assay and in the interim, the company reports promising indicative tin grades from “on-site portable XRF” equipment with mineralised intervals of up to 10m (from 220m depth in hole KBDD-029) and narrower, and shallower, intervals in holes KBDD-028 and 030.
• Commenting on the latest drilling results CEO, Paul Barrett, said that they “continue to demonstrate that high-grade tin mineralisation persists at depth beneath the existing resource, validating our structural model for the deposit and reinforcing the potential for resource expansion”.
• He also said that “We look forward to incorporating the resulting assays from this programme into the Company's next Mineral Resource Estimate update for Kalayi as we continue our ongoing discussions with potential strategic partners regarding development pathways for the asset”.

Conclusion: As the current programme draws to a close, the latest drilling results from Kalayi show tin mineralisation extending at depth beneath the existing resource. Assay results are awaited.

Sovereign Metals* (SVML LN) 43.5p, Mkt Cap £283m – Resource jumps 32% to 2.1bnt of Rutile at 0.96% increasing project value

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

• Sovereign Metals report the estimation of a new 2.1bnt JORC resource at the Kasiya rutile and graphite mining project in Malawi.
• M&I: Measured and Indicated resources rose 38% to ~1.6bnt grading 0.98% rutile.
• Rutile: The M&I resource rises 32% to 16.1mt of containing rutile grading 0.96% rutile
• Total Graphite Content grades 0.95% for 20.0mt contained graphite (M&I)
• Continuity: The additional infill drilling confirms the high-grade of rutile and graphite extends throughout the saprolite unit to an average 22m depth below surface.
• The new resource will better support an optimised DFS mine schedule.
• Geology:
• The high-grade rutile formed through the weathering of metamorphic basement rocks into the basement environment.
• Other chemically mobile minerals were depleted over time leaving behind concentrated rutile and kyanite.
• The result is unusually good grades of 1.2-2.0% rutile in the top 3-5m.
• This is easily visually seen in the presence of black rutile mineralisation in the sand at surface.
• Moderate grade mineralisation, generally grading 0.5% to 1.2% rutile, commonly extends from 5m to 20-30m.
• Graphite is depleted in the top 3-5m but is more prevalent from 5m to the base of the saprolite at 20-30m.
• The graphite formed under metamorphic processes which transformed organic carbon (algae) at temperatures of >650C and high pressure causing the organic matter to transform into crystalline, flake graphite.

Conclusion: The updated estimate provides a larger resource on which to base the forthcoming DFS mine schedule.

77% of the total resource is now upgraded to M&I giving greater confidence in the project’s underlying mineralisation.

Measured resources now cover the first six years of the project. This is important for he BFS and project financing.

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

Turaco Gold* (TCG CN) A$0.65, Mkt Cap A$684m – Afema MRE increased to 4.65moz at 1.3g/t Au

• Turaco Gold, who hold the Afema project in Cote d’Ivoire, provide a MRE update.
• Turaco updates the Afema MRE following 120,000m of drilling to:
  • 67.1mt at 1.2g/t Au for 2,670koz Au Indicated
  • 48.2mt at 1.3g/t Au for 1,990koz Inferred
  • Total: 115.3mt at 1.3g/t Au for 4,650koz
• Company includes a 200koz at 3g/t Au underground resource using a 1.5g/t cut-off.
• Notable increases:
  • Woulo Woulo adds 220koz in indicated ounces
  • Asupiri adds 300koz in total ounces
  • Anuiri adds 20% indicated ounces with grade rising from 1.7g/t Au to 1.8g/t Au
  • Maiden MRE from Herman of 100koz at 1.6g/t Au, adjacent to Woulo Woulo.
• Company expects to declare a JORC ore reserve estimate with the Afema PFS, due 2Q26.
• Management notes that all MRE deposits are within a 6-7km radius, with all but Herman within the granted Afema mining permit.
• Turaco also highlights that all MRE deposits remain open, with further drilling planned at each project.
• The MRE update excludes the Niamienlessa Trend drilling, where high-grade intercepts have been reported in oxides.
• Metallurgical results have returned 87-95% recoveries, with the Afema flowsheet set to include grinding, sulphide flotation, ultra fine grinding and oxidative and cyanide leaching.
• Turaco is currently drilling 10,000m per month and expects to provide a further Afema MRE update in late 2026.

Conclusion: We see Turaco Gold as an obvious takeover candidate, further reinforced by the updated Afema MRE to >4.6moz. There are limited West African undeveloped projects remaining independent and producers in the region are generating strong free cash flow in this elevated gold price environment.

*SP Analyst(s) hold shares in Turaco Gold

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

No1 for Precious Metals: CY 2025

No.1 in Precious Metals: Q1 2025

No.1 in Precious Metals: CY 2024

No.2 in Base Metals: CY 2024

Analysts

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

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

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

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

Sales

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

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

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

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

Prince Frederick House

35-39 Maddox Street

London, W1S 2PP

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

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

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