SP Angel . Morning View . Wednesday 26.11.25

MiFID II exempt information – see disclaimer below

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Atlantic Lithium* (ALL LN) – Atlantic raise further funds from Long State as lithium prices rise

Beowulf Mining* (BEM LN) – Update on funding plans

East Star Resources (EST LN) – Aiming to drill Rulikha Exploration target, Kazakhstan

Europa Metals Limited (EUZ LN) SUSP – Delay to AGM

Rome Resource  (RMR LN) – Additional £200,000 fundraising

Rainbow Rare Earths (RBW LN) – Meeting with management on the move to SX (Solvent Extraction) processing for metal oxides

Savannah Resources* (SAV LN) BUY, 18.5p – Operational update

Tungsten West (TUN LN) – Moving towards an agreement for key plant construction at Hemerdon

West African Resources (WAF AU) – Resumption of trading and update on discussions with Burkina Faso Government

Wia Gold* (WIA AU) – Sale of Cote d’Ivoire exploration portfolio to Santa Fe

Copper ($10,985/t) rallies as Codelco asks for $350/t premium to Chinese buyers

• Copper has staged a sharp rally, up 1.2% today and 12% over the past three months.
• The metal’s rally paused over the past two weeks, consolidating around $10,750/t, but seems to be marching higher again.
• Today’s climb follows Codelco’s offer of $350/t premiums over LME prices in 2026 for Chinese contracts.
• The Codelco contract is considered an industry benchmark and marks a sharp jump following the $89/t level agreed this year.
• Mercuria stated today they expect a 500kt copper deficit in 2026, improved from May forecasts of 700kt.
• Mercuria also believes the copper cathode market is currently in a surplus of 350kt, vs their May forecasts of 300kt deficits.
• Whilst Freeport reduced concerns above production cuts from Grasberg over the next four years, the market remains tight and concerns persist over their ability to bring Grasberg back to nameplate capacity.

CESCO Asia Copper Week sees Treatment & Refining charge range of -US$30/t to + US$10/t

• Smelters and refiners are more competitive than ever as China continues to increase capacity and fight for concentrates in the market.
• The rise in new refining capacity is also driving sulphuric acid prices to elevated levels cutting margins for local smelters.
• New copper projects are rare and new mines even rarer in a world where mine permitting often holds back projects.
• Shanghai Metals Market are quoting  US$42/t vs premiums of around +US$10/t a year ago.
• China is now looking to restrict the development of new copper smelting capacity as it introduces its ‘Anti-Involution’ strategy into certain sectors to help raise prices and company margins.

Gold ($4,163/oz) climbs higher despite China slowing purchases through October

• Gold prices have pressed higher again, as they continue to consolidate following the October sell-off.
• Prices have climbed to two-week highs, having fallen back to $4,008/oz.
• Silver has also climbed to two-week highs at $52/oz, having pulled back to $48.6/oz.
• Reuters reported that China’s net imports via Hong Kong fell 64% in October vs September at 8t.
• China’s total gold imports via Hong Kong fell 17%mom.
• China demand slowed in October as retail investors took profits, with discounts to global benchmarks sliding to $48-60/oz, although this has since rebounded to $5/oz.
• Swiss gold imports to China fell 93% in October to 2.1t.
• Beijing cut a VAT exemption on November 1st for SGE and SHFE gold purchases, which may also weigh on demand.
• However, China’s central bank, which has been a major driver in the gold rally over the past two years, added reserves for the 12th month, increasing to 75.09moz vs 74.06moz in September.
• The PBoC’s purchases in October slowed vs previous months this year as some price sensitivity was displayed following the sharp September rally.
• Gold may have ticked higher on lower US Treasury yields, with the 10 year sliding below 4% yesterday on a slew of economic data.

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

US – Expectations for a rate cut in December rise further and now stand at ~80% chance fuelling demand for risky assets.

• That marks a sharp turnaround from ~35% odds just a week ago.
• S&P 500 and Nasdaq futures are trading higher after posting 0.7% and 0.9% increases on Tuesday.
• Soft economic data released yesterday added to speculation of a rate cut.
• September retail sales came in weaker than expected while Novembre consumer confidence gauge also pulled back.

White House National Economic Council Director Kevin Hassett is seen as a frontrunner to become next Fed Chair, Bloomberg quotes people familiar with the matter.

• Hassett is considered a ‘dove’ supporting the case for lower rates saying that he would be cutting rate “now” since “the data suggests that we should”.
• Term of Jerome Powell ends May 2026.
• Retail Sales (%mom, Sep / Aug / Est): 0.2 / 0.6 / 0.4
• Control Group Retail Sales (%mom, Sep / Aug / Est): -0.1 / 0.6 (revised from 0.7) / 0.3
• Conf Board Consumer Confidence (Nov / Oct / Est): 88.7 / 95.5 (revised from 94.6) / 93.3

UK – Chancellor to deliver the budget later today with expectations for a package of tax hikes and other measures aimed at reducing the deficit.

• Rachel Reeves to start speaking around 12.30pm.
• Bloomberg estimates the new budget will need to see £30bn in tax increases and spending cuts to hit £20bn headroom.
• Among measures expected to include are (Bloomberg):
• Freezing income tax thresholds for two more years from 2028
• Imposing a so-called mansion tax on properties worth more than £2 million
• Capping salary sacrifice programs
• Levying higher alcohol, gambling and dividend taxes
• A new pay-per-mile tax for electric vehicles
• A new tourist tax, to be levied by mayors
• A cut to the annual tax-free cash ISA limit to £12,000, compared to £20,000 currently
• A stamp duty holiday for three years for investors purchasing shares in newly-listed companies

Ukraine/Russia – Steve Witkoff is to meet President Putin in Moscow presenting negotiated peace deal terms.

• At the same time, Secretary of Army Dan Driscoll would meet Ukrainian officials.
• President Trump said that he is looking forward to meeting with Zelenskyy and Putin “soon”, “but ONLY wen the deal to end this War is FINAL or, in its final stages”.
• Trump confirmed there is no deadline on the deal, in contrast, to previous targets to sign the agreement by Thanksgiving.
• The initial 28-point plan was changed wit most sensitive issues left out and to be decided by Trump and Zelenskyy.
• Those included territorial concessions and US security guarantees, although, Ukraine has indicated it can cap the army at 80,000, FT writes quoting senior Ukrainian officials.

Currencies

US$1.1572/eur vs 1.1523/eur previous. Yen 156.42/$ vs 156.65/$. SAr 17.176/$ vs 17.268/$. $1.318/gbp vs $1.312/gbp. 0.650/aud vs 0.645/aud. CNY 7.081/$ vs 7.094/$.

Dollar Index 99.76 vs 100.15 previous.

Precious metals:

Gold US$4,161/oz vs US$4,137/oz previous

Gold ETFs 97.3moz vs 97.3moz previous

Platinum US$1,559/oz vs US$1,555/oz previous

Palladium US$1,399/oz vs US$1,397/oz previous

Silver US$52.0/oz vs US$51.3/oz previous

Rhodium US$7,925/oz vs US$8,000/oz previous

Base metals:   

Copper US$10,883/t vs US$10,857/t previous

Aluminium US$2,828/t vs US$2,823/t previous

Nickel US$14,890/t vs US$14,705/t previous

Zinc US$3,011/t vs US$3,016/t previous

Lead US$1,983/t vs US$1,985/t previous

Tin US$37,620/t vs US$37,435/t previous

Energy:

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

• Crude oil prices moved lower on peace deal hopes as the API estimated a 1.9mb w/w oil inventory build in the USA.
• European energy prices edged lower as France's nuclear generation continued higher up 4% w/w to 84% of the country’s 61.4GW maximum capacity, with October’s aggregate output also climbing 1.3% y/y to 30.4TWh in France, which is higher than the UK’s aggregate nuclear output of 27.8TWh in YTD25 (-11.8% y/y).
• The UK oil and gas sector is on tenterhooks ahead of the publication of the government’s North Sea Strategy later today, which is expected to include proposed changes to the Energy Profits Levy and the licensing framework.

Natural Gas €29.3/MWh vs €29.5/MWh previous

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

Bulk:   

Iron Ore 62% Fe Spot (Singapore) US$106.6/t vs US$105.8/t

Chinese steel rebar 25mm US$449.5/t vs US$448.2/t

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

Thermal coal swap Australia FOB US$111.3/t vs US$112.3/t

Other:  

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

NdPr Rare Earth Oxide (China) US$77,811/t vs US$77,527/t

Lithium carbonate 99% (China) US$12,851/t vs US$12,545/t

China Spodumene Li2O 6%min CIF US$1,145/t vs US$1,115/t

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

China Tungsten APT 88.5% FOB US$743/mtu vs US$738/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$271/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$1,107/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$3,125.0/kg vs US$3,125.0/kg

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

EV & battery news

Chinese automaker Great Wall Motor becomes latest to seek plant for European production

• Great Wall Motor (GWM) has plans for its first full-scale car plant in Europe, aiming to build 300,000 vehicles annually by 2029.
• The Chinese automaker is looking at host countries, including Spain and Hungary, chosen based on labour and logistics cost considerations.
• The factory would build a mix of vehicles, including conventional-engine and fully electric vehicles as part of GWM’s drive to revive weak European EV sales and reach 1m overseas annual sales by 2030.

CATL breaks ground at third European battery plant

• CATL has broken ground at it third major battery plant in Europe, a joint venture with Stellantis, in Figueruelas, Spain.
• The plant will cost about €4.1bn and aims for an annual output capacity of 50GWh.
• Production is scheduled to begin by late 2026 and around 2,000 Chinese workers have arrived for the construction phase; 3,000 Spanish employees are expected to be hired and trained afterwards.
• The facility will supply lithium-iron phosphate, LFP, batteries primarily to Stellantis.

Company news

Atlantic Lithium* (ALL LN) 10.6p, Mkt Cap £79m – Atlantic raise further funds from Long State as lithium prices rise

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

• Atlantic Lithium reports the receipt of £1m from Long State under a previously reported Share Placement Agreement on 3rd September.
• Management have also notified Long State of its intention to raise an additional £2m through the placement of an extra 19.4m new shares.
• 50% of the proceeds of the second placement will be paid on the issue of shares with the remainder to be deferred until the Swap Payment Date.
• Atlantic has also issued 10m warrants exercisable at 12.8p and 10m Security Shares to Long State
• To sum up, Atlantic has raised £2m from Long State and has committed to raise a further £2m from the funder.
• Atlantic can undertake two additional placings of £2m each under the current facility with Long State.

Atlantic Warrants

• “Per the terms of the Equity Placement Facility Agreement with Long State to raise up to £20m (AUD 41.1m) over a period of 24 months ("Equity Placement Facility Agreement" or "the Facility") (refer announcement of 3 September 2025), and following shareholder approval at the Extraordinary General Meeting ("EGM"), held on 6 November 2025, the Company has issued warrants to Long State1 to acquire 10 million shares in the Company, exercisable during the 5-year period from 13 November 2025 at a price of £0.128.”

Lithium pricing:

• We see lithium prices rising further with Chinese producers targeting strong demand from the Stationary Storage market.
• Lithium Carbonate prices are forecast to rise to RMB 120,000 - 150,000/t  (~$17,000-$21,000/t) next year by the local producers and consumers in China with a minimum of RMB120,000/t expected.
• Chinese producers see Stationary Li-ion battery exports rising by 60-80% in 2026 from 24% for the year to June.
• Local Chinese authorities are also required by central government to raise energy storage by 20% this year and 30% in 2026 according to a local source.
• We note the IEA also forecast China's storage-grade battery output to exceed 550 GWh this year. 
• BYD also sees in-house total battery production rising by 30-40% in 2026 including EVs with a target of 300GWh.
• China is also introducing electric trucks at a surprising rate with battery-electric trucks making up 22% of truck sales in H1 up from 9% last year (Commercial Vehicle World).
• We note Chinese diesel consumption has also dropped 11% yoy for the YTD.
• We strongly suspect lorries will require replacement battery packs far more frequently than for passenger cars which may be why CATL has launched a battery swap system for trucks to emulate NIO which makes sense given the circular routes taken.
• The move should give us good intel on the relative cost of using batteries for trucks vs diesel.

Conclusion: Lithium prices are experiencing a resurgence as miners appear to struggle to meet new demand.

*SP Angel acts as Nomad to Atlantic Lithium

Beowulf Mining* (BEM LN) 10.4p, Mkt Cap £6.2m – Update on funding plans

• Beowulf reports an update on its financial position.
• As previously reported, the Company’s May 2025 Capital Raise was sufficient to support the Company through to early 2026.
• As a result, Beowulf is seeking additional financing and working capital in the ‘very near term.’
• Beowulf reports it has received ‘a number of term sheets’ and discussions are at an ‘advanced stage.’
• Beowulf’s primary focus is on delivering the PFS and Environmental Permit application at Kallak, alongside advancing GAMP through pilot testing, permitting and DFS.
• Beowulf is exploring potential funding solutions to minimise dilution to existing shareholders.
• Beowulf reports it has received a non-binding cash offer of €4m for its Vardar Minerals subsidiary, with HoT negotiations ongoing.
• The Company is ‘hopeful’ that the transaction can be concluded within the coming months.
• Additionally, Beowulf reports it is seeking separate funding for Grafintec, its wholly owned subsidiary which holds the GAMP Project.
• The Company has appointed a financial adviser to raise €5m in equity through the sale of shares in Grafintec.
• Additionally, Grafintec has applied to Business Finland's Research, Development and Piloting loan scheme for a loan of €7 million.
• This is intended to support the development and commercialisation of products and production methods, with terms up to 10 years and an interest rate 3% below the base rate.
• Grafintec financing progress is expected over the next three to six months.
• In the interim, Beowulf is seeking short-term funding to support working capital needs.
• Beowulf is also working on additional funding sources from EU-backed schemes.

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

East Star Resources (EST LN) 2.1p, Mkt Cap £9.1m – Aiming to drill Rulikha Exploration target, Kazakhstan

·      East Star Resources reports that, subject to securing all the required environmental approvals, it aims to implement the recommendations of its independent consultant to drill an ‘Exploration Target’ at Rulikha in East Kazakhstan.

·      The consultant identified a JORC compliant target of between 15-23mt in the grade range of 1-2% copper at the “Soviet-era Rulikha Deposit” and recommended follow up measures including “Verification/twin drilling of Vein 1 and upper lens system … [as well as ] … Infill drilling to confirm continuity and reduce spacing … [and] … Metallurgical sampling”.

·      The company confirms that, the “town of Rulikha and the district of Shemonaikha have already provided East Star with the required land access approvals to drill, however, further environmental approvals are still required”.

·      The Rulikha target, which was recently extended by the award of an additional exploration licence (3631-EL), hosts “Near-surface, high-grade copper … [in a] … Large mineralised system… [hosting] … Numerous mineralised lenses over a 1.9 km strike”.

·      Today’s announcement explains that “Using the upper limit assessment, the deposit has the potential to contain over 550,000 tonnes of copper; nearly double the CuEq metal of the Company's Verkhuba Copper Deposit” which we understand hosts of a JORC compliant 20mt at an average grade of 1.2% copper, 1.5% zinc and 0.3% lead.

·      CEO, Alex Walker welcomed the addition of “a second and significant multi-element advanced exploration target to our portfolio … [and advised that] … East Star will need to undertake the significant consulting work to advance this project, and we look forward to working with the government and local communities to realise the shared benefits such a development could bring”.

Conclusion: East Star Resources aims to drill JORC compliant ‘Exploration Target’ at the Soviet era Rulikha deposit in Kazakhstan as soon as it secures the necessary environmental approvals.

Europa Metals Limited (EUZ LN) SUSP – Delay to AGM

• Europa Metals, which earlier this month announced a proposed acquisition of African assets in Kenya, Tanzania, Burundi and South Africa in an all-share deal with Marula Africa Mining, has announced a postponement of its AGM.
• The company explains that the Meeting, which would normally need to be held by 30th November, will now, with the approval of the Australian Securities and Investment Commission (ASIC) “be held on or before Friday, 16 January 2026”.
• The company explains that it sought the extension to the AGM deadline on “preliminary advice from the Australian Taxation Office in relation to a proposed return of capital to Europa shareholders”.

Rome Resource (RMR LN) 0.2p, Mkt Cap £13m – Additional £200,000 fundraising

• Rome Resources, which recently raised £1.9m via the placing of 950m additional shares at a price of 0.2p/share has announced a further £0.2m fundraising, at the same price, via the issue of a further 100m shares “primarily to JLE Group”.

·      Welcoming “support from JLE … for any additional work the Company wishes to undertake associated with the upcoming drilling programme on Bisie North … [Chief Executive, Paul Barrett said that] … Management is looking forward to commencing operations soon”.

·      The previous fundraising, announced earlier this month, supported further drilling at the Kalayi and Mont Agoma projects in the DRC – collectively the ‘Bisie North Project’ where the company recently released an initial ‘Inferred’ mineral resource estimate of 3.16mt at an average grade of 1.45% copper, 0.19% tin, 2.72% zinc &14.3g/t silver at Mont Agoma plus an additional 0.33m inferred tonnes at an average grade of 1.36% tin at Kalayi.

• At the time of the previous fundraising, the company said that the next phase of drilling would test “the highest-priority targets defined in the Company's maiden Mineral Resource Estimate (MRE) and subsequent geological modelling” and include:
  • “Several deep drillholes, split between the Kalayi and Mont Agoma prospects”; as well as
  • “Testing the deeper high grade tin zones at Kalayi, beneath existing intercepts”; and
  • “the new eastern tin zone in Mont Agoma along with the deeper tin-dominant portions of the main tin/copper system”.

·      The additional support from JLE reinforces Rome Resources’ capacity to progress an upgrade to the initial MRE.

Rainbow Rare Earths (RBW LN) 19.8p, mkt Cap £128m – Meeting with management on the move to SX (Solvent Extraction) processing for metal oxides

• We met with Rainbow management yesterday to discuss recent announcements and the evolution of their Rare Earth process flow sheet.
• Key points:
• Rainbow accelerated process test work at their in-house laboratory in Johannesburg massively accelerating process test work.
• The result is the production of a relatively high-grade REE concentrate.
• Critically, this concentrate is reported to have reduced certain impurities to very low levels enabling Rainbow to move to using more standard SX
• ANSTO, Australian metallurgical experts, have verified the use of SX ‘Solvent Extraction’ for the production of NdPr, Dy & Tb oxides using a relatively small but meaningful sample.
• Management are working towards a Full Feasibility Study concurrent with ANSTO testing of a larger 50kg sample.
• The team is in the process of calculating new Capex and Opex estimates for the new process but are confident the optimisation of the flowsheet should enable Capex to remain within previous $300-326m estimates.
• Opex should also remain relatively low due to the low cost of extracting the gypsum residue material off the heap at Palaborwa..

Conclusion:  It is natural for process flowsheets to evolve and for metallurgists to optimise routes to production. The processing of Rare Earths is move involved that normal hydrometallurgy but the principals and processes are the same and Rainbow’s ability to move to more conventional Solvent Extraction should hopefully improve recovery and process flow rates.

Savannah Resources* (SAV LN) 3.8p, Mkt Cap £89m – Operational update

BUY – 18.5p

• The Company released operational update after raising ~£10m earlier this month to advance the Barroso Lithium Project, Portugal.
• The Company is completing the acquisition of the Aldeia Mining Lease.
• KfW IPEX-Bank representatives visited the site earlier in November as part of the ongoing due diligence.
• In December 2024, the Company reported that the project is potentially eligible for the German Government guarantee covering 80% of a loan up to US$270m (capped at 60% of project capex).
• The Company is targeting to complete project funding 2H26 following completion of DFS and permitting.
• Joao Nunes joins the Company as Operations Readiness Manager.
• Mr Nunes has nearly 30y experience in the mining industry holding a degree in mining engineering.
• The Company continues to advance discussions with the government to secure the temporary land access to complete last bits of drilling required for the DFS.
• Access is expected to be secured this quarter (4Q25).
• The European Commission launched a new initiative aimed at securing ex China sources of critical raw materials for domestic demand, called RESourceEU plan.
• RESourceEU includes boosting "investment in strategic projects for the production and processing of critical raw materials here in Europe".
• The Company has ~£21m in cash following the fundraise making it well funded beyond completion of the DFS.

Conclusion: The Company highlights continuing progress on land access and project readiness along ongoing discussions in securing strategic funding including potential German Government backed debt. The project may further benefit from strengthening EU support looking to diversify ex China sources of critical raw materials with Barroso being the largest conventional spodumene lithium resource in the EU.

*SP Angel acts as Nomad and Broker to Savannah Resources

Tungsten West (TUN LN) – 11.25p, Mkt cap £21m – Moving towards an agreement for key plant construction at Hemerdon

·        Tungsten West confirms that it has agreed ‘Heads of Terms’ with a specialist contractor, Duo Group, for the new crushing, screening and ore-sorting plant at the Hemerdon tungsten/tin mine in Devon.

·        The Duo Group is described as “a full-service processing solutions specialist for the aggregates, mining, recycling and environmental sectors throughout the UK”.

·        Duo is also the “national partner for the sales and servicing of fixed Metso equipment across the UK”.

·        “Metso will provide all the major fixed equipment components for the New Build Construction of the Project”.

·        The agreement, which is subject to “the completion of a final formal construction contract and the conclusion of Project financing … [was described by CEO, Jeff Court as] … another important milestone in restarting Hemerdon” where the company has previously indicated that is aiming “to restart mining and processing operations in late 2026”.

·        Earlier this year, the Hemerdon project was recognised by the European Commission as a Strategic Project under the EU’s Critical Raw Materials Act and subsequently the USEXIM Bank expressed interest in providing support of up to US$95m for the resumption of tungsten production at Hemerdon.

·        Hemerdon is one of the western world’s larger tungsten deposits giving it a strategic significance as a non-Chinese source of tungsten supply in a market dominated by China and where the next two largest producers are Vietnam and Russia.

·        In August, the company’s updated Feasibility Study for the project confirmed that, based on a price of US$400/mtu for the baseline ammonium paratungstate (APT) price and US$32,500/t tin (currently >US$700/mtu and ~US$37,000/t) a US$93m investment generates an after-tax NPV7.5% of US$190m and IRR of 29.3% from the production of an average of 332,000 metric tonne units (mtu) of tungsten trioxide and 462t of tin annually over an 11-year period of mining followed by an additional 4 years processing of stockpiled material.

Conclusion: Although still subject to a formal agreement and securing finance, an EPC agreement for the crushing/screening and ore-sorting at Hemerdon advances plans for a resumption of production in late 2026.

West African Resources (WAF AU) A$2.75, Mkt Cap A$3.5bn – Resumption of trading and update on discussions with Burkina Faso Government

• WAF, who operate the Toega and Kiaka gold mines in Burkina Faso, have resumed trading.
• The Company suspended on reports the Government had requested an additional 35% interest in the Kiaka gold mine.
• The Company reports it has submitted a proposal to the Government to ‘increase both national participation and Government revenue’ from the ‘development of new and previousl closed mining projects’ in country.
• WAF’s CEO has taken part in discussions with the Minister for Mines, Minister for Finance and the Directeur Général of SOPAMIB.
• Management notes that they are working cooperatively with SOPAMIB regarding the request for additional equity in Kiaka.
• The Company also states that WAF will work to identify mining investment opportunities in Burkina.
• WAF retains production guidance of 290-360koz in CY25.
• Shares fell 10% in ASX trading.

Wia Gold* (WIA AU) A$0.36, Mkt Cap A$523m – Sale of Cote d’Ivoire exploration portfolio to Santa Fe

• Namibian gold developer Wia Gold has streamlined its portfolio with the sale of its Cote d’Ivoire assets.
• The Company has agreed to divest the assets to Santa Fe Minerals (SFM AU).
• The land package represents c.4,000km2.
• SFM will pay a consideration of 20m shares in Santa Fe and 8m performance rights, paid upon certain milestones.
• Santa Fe traded at A$0.27/share yesterday, implying an initial consideration of A$5.4m in stock.
• The decision reflects Wia’s focus on developing the Kokoseb gold project in Namibia.
• Management states the Company looks ‘forward to sharing in their future exploration success’ at the Dialokoro, Issia and Mankono Ouest permits.
• 4m shares will be granted on the delineation of a MRE of 500koz at >0.5g/t Au in the inferred category.
• 4m shares will be granted on the delineation of a MRE of 1moz at >0.5g/t Au inferred.
• Wia’s current scoping study envisages 146kozpa over 11 year mine life from a mineral inventory of 59mt at 0.97g/t Au for 1.83moz Au.
  • Post-tax NPV5 of $646m and IRR of 38% at US$2,600/oz Au.
  • NPV5 of $1,269m and IRR of 60% at $3,450/oz.
• Timeline:
  • Mining Licence to be submitted to Ministry of Mines and Energy 4Q25, due 2H26
  • ESIA nearing completion, due for submission in 1Q26
  • DFS due 2H26
  • Maiden underground MRE due mid-2026
  • Exploitation permit award expected 1H26
  • Financing due 2H26

*An SP Angel Analyst holds shares in WIA Gold

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

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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.