SP Angel . Morning View . Friday 17.04.26

MiFID II exempt information – see disclaimer below

Cora Gold (CORA LN)  – $120m stream agreed with major shareholder Eagle Eye for Sanankoro, Mali

Kavango Resources* (KAV LN)  – Kavango exercises option to acquire 100% of Nara Gold Project in Zimbabwe

Pensana (PRE LN)  – US$165m strategic investment update

Premier African Minerals (PREM LN)  – Xinhai plant progress construction update

Uranium Royalty Corp (UROY US)  – Merger with Orion-backed Sweetwater to create uranium and soda ash royalty company

West African Resources (WAF AU) SUSPENDED – Trading halt

Gold ($4,794/oz) steadies lower as India limits bullion buying

• Gold prices are steady, edging below the key $4,800/oz level following a four-week rally.
• The metal has rebounded after a volatile March, which saw spot prices slump to $4,100/oz.
• Gold has since made a sustained move higher, with the Chinese central bank adding into weakness whilst Turkey sold off holdings to support the Lira.
• Reuters reports India has limited banks from buying gold and silver following authorisation delays from regulators.
• India’s gold demand hit five-year lows in 2025 but remains a global leader in gold buying at 712t.
• Elsewhere, Portugal tapped the offshore renminbi bond market to raise €250m in a bid to diversify its funding sources.
• The move reflects increased diversification in traditional government funding sources.
• The dollar index is down slightly at 98.1, whilst US Treasury yields remain elevated amid the continued blockage at the Straits of Hormuz.

Copper – Substantial outflows of copper from SHFE and LME warehouses

• The SHFE reports a 10% outflow -26,028t of copper this week to 240,456t
• The LME also reports a smaller 0.4% (-1,475t) outflow today

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$1.1783/eur vs 1.1795/eur previous. Yen 159.28/$ vs 158.83/$. SAr 16.388/$ vs 16.349/$. $1.353/gbp vs $1.357/gbp. 0.717/aud vs 0.718/aud. CNY 6.828/$ vs 6.817/$.

Dollar Index 98.21 vs 98.01 previous.

Economics

US – President Trump said the next round of talks with Iran may take place over the weekend.

• On Thursday, Trump suggested that Iran agreed to give up its enriched uranium and not develop a nuclear weapon.
• “It’s looking very good that we’re going to make a deal with Iran,” he said.
• Trump said that an extension of a two week ceasefire was possible but may not be needed.
• The ceasefire agreed on 8 April expires 22 April.
• Iran has not responded to such claims.
• Brent prices down sub $98/bbl with S&P/Nasdaq futures up marginally (0.2%/0.1%).
• VIX futures just over the 20 mark, slightly down, reflecting a tentative risk on mood going into the weekend.

Israel/Lebanon agree a 10d ceasefire starting today.

Lebanon – Jubilant tracer fire over Lebanon as Israel agrees 10-day ceasefire with Lebanese government

• Call between President Trump and Lebanese President Joseph Aoun.
• Arab media reported Trump said a ceasefire would take effect within hours, while Aoun stated Trump only committed to working toward one.
• Hezbollah launched five rockets toward the Krayot area yesterday ahead of the ceasefire with some rockets were intercepted and others falling into open areas.
• US State Department states that Israel retains the right to take all necessary measures in self-defense against threats.
• Lebanon is expected to take steps to prevent Hezbollah and other armed groups from carrying out attacks.
• Both sides reached an understanding to work toward conditions for sustainable peace, mutual sovereignty recognition, and security along the shared border.
• The framework includes limiting armed groups so only Lebanese government forces are authorized to bear arms, with the initial ceasefire period extendable by agreement.
• Netanyahu said Israel rejected demands to withdraw to international borders and a “quiet for quiet” ceasefire stating that Hezbollah’s disarmament and a sustainable peace agreement are Israel’s core requirements. An Israeli official said that if the Lebanese government does not disarm Hezbollah, Israel will act to do so.

Syria – Syria reports it has taken control of all former US military bases following a full American withdrawal

• A senior Hezbollah official told Al Jazeera that the ceasefire cannot include freedom of movement for Israeli forces. This reflects opposition to any arrangement allowing continued Israeli operational activity during the ceasefire.

Iran - US officials estimate a US-Iran deal could take around six months.

• They are urging an extension of the ceasefire to match that timeline while warning that instability could disrupt the Strait of Hormuz and global energy markets (Bloomberg).
• President Trump sees negotiations progressing but warns the conflict could resume if no deal is reached.
• Trump added that Iran must not retain uranium and said it has agreed to hand over enriched material.

Precious metals:

Gold US$4,787/oz vs US$4,820/oz previous

Gold ETFs 98.7moz vs 98.9moz previous

Platinum US$2,096/oz vs US$2,133/oz previous

Palladium US$1,558/oz vs US$1,590/oz previous

Silver US$79.1/oz vs US$80.1/oz previous

Silver ETFs 799.9moz vs 800.7moz previous

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

Base metals:   

Copper US$13,256t vs US$13,320/t previous

Aluminium US$3,636/t vs US$3,663/t previous

Nickel US$18,556/t vs US$18,340/t previous

Zinc US$3,431/t vs US$3,422/t previous

Lead US$1,964/t vs US$1,962/t previous

Tin US$49,500/t vs US$50,095/t previous

Energy:

Oil US$98.4/bbl vs US$95.5/bbl previous

Natural Gas €41.7/MWh vs €42.0/MWh previous

Uranium Futures $85.5/lb vs $86.2/lb previous

Bulk:

Iron Ore 62% Fe Spot (Singapore) US$106.3/t vs US$104.5/t

Chinese steel rebar 25mm US$471.4/t vs US$471.5/t

HCC FOB Australia US$232.0/t vs US$231.5/t

Thermal coal swap Australia FOB US$125.0/t vs US$129.0/t

Other:  

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

NdPr Rare Earth Oxide (China) US$114,051/t vs US$111,828/t

Lithium carbonate 99% (China) US$23,617/t vs US$23,026/t

China Spodumene Li2O 6%min CIF US$2,200/t vs US$2,140/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$223/lb vs US$228/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$253/t

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

China Rutile Concentrate 95% TiO2 US$1,152/t vs US$1,151/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

Company News:

Cora Gold (CORA LN) 12.5p, Mkt Cap £78m – $120m stream agreed with major shareholder Eagle Eye for Sanankoro, Mali

• Cora Gold, who are developing the Sanankoro Gold Project in Mali, have agreed a $120m streaming deal with Eagle Eye Asset Holdings.
• The stream, alongside the recent £15.7m equity raise, will be used to fund Sanankoro’s $124m CAPEX>
• Stream terms:
  • Right to purchase 30.44% of gold produced at Sanankoro at 20% of prevailing spot prices.
  • Grants EEA first ranking security over Cora assets
  • Is conditional upon certain conditions including long-form documentation.
• Cora retains the right to replace 50% of the stream with senior secured debt for up to 240 days following approvals.
• Sanankoro is expected to produce 64kozpa over the first five years of production.
• Eagle Eye, which holds 29% of Cora Gold shares, is a Singapore-based family office and holds stakes in Canyon Resources, Prospect Resources, FG Gold and Toubani Resouces (Mali).
• Gaurav Gupta manages the family office and sits on Cora’s board.
• Cora management notes permitting ‘continues to progress well, supported by ongoing constructive engagement with the Government of Mali.’

Kavango Resources* (KAV LN) 0.92p, Mkt Cap £40m – Kavango exercises option to acquire 100% of Nara Gold Project in Zimbabwe

• Kavango Resources have finally agreed with the seller to exercise their option to acquire 100% of the Nara Gold Project in Zimbabwe.
• Kavango and the Seller have signed a Deed of Variation in respect of the call option agreement to address the mechanics of completion which should complete shortly.
• Kavango has transferred the balance of the consideration into an escrow account to be transferred to the Seller upon Completion of the final documentation.
• The aim is for Kavango to acquire the operating company, Romjack Mining so small-scale mining can continue at Nara.
• The licenses being acquired include 45 claims covering four mines with >90,000oz of estimated historic gold production.
• Kavango has identified a number of new structures at Nara within an estimated 200m wide shear corridor.

*An SP Angel Analyst holds shares in Kavango

Pensana (PRE LN) 96p, Mkt Cap £303m – US$165m strategic investment update

• The Company reports the receipt of the first tranche of the $165m strategi investment from Cascade Natural Resources.
• The first tranche involves a $15m investment for a 3.8% interest in Pensana (~14m shares at 80p).
• The balance of the investment ($150m) will come at project level with Cascade taking a 38.2% interest in Ozango Minerais, the developer of the Longonjo Rare Earth Mine.
• Alongside the proposed $160m ABSA debt funding (US EXIM guaranteed) the investment will fund the construction of the Longonjo mine (Stage 1 $217m) , as well as MRE expansion drilling (1Bt target), development of the HREE recovery facility, downstream development initiatives, planed NASDAQ listing costs and general working capital.
• Stage 1 production 2.4ktpa NdPr and 73tpa DyTb
• Maiden production targeted for 2027.

Premier African Minerals (PREM LN) 0.02p, Mkt Cap £4.3m – Xinhai plant progress construction update

• Premier African Minerals provide an update on its Zimbabwean lithium project.
• The Company notes construction progress with the Xinhai flotation plant overseen by Xinhai Technology engineers.
• The tailings tank has been installed and electrical works are expected over the coming weeks.
• Previously installed sorting equipment has been determined redundant and is being removed in an effort to simplify operations.
• Dewatering activities have begun to begin selective mining.
• Zimbabwean lithium exports are expected to resume under a controlled framework’ with quotas granted to qualifying producers.
• PREM is engaging with the authorities to align ‘its operations with the evolving regulatory framework.’

Uranium Royalty Corp (UROY US) $3.76, Mkt Cap $553m – Merger with Orion-backed Sweetwater to create uranium and soda ash royalty company

• Uranium Royalty has agreed to merge with Sweetwater Royalties.
• The transaction implies a $1.7bn EV for the 92% interest Sweetwater.
• Sweetwater backers Orion and Ontario Teachers’ will hold 43% and 16% respectively of the combined entity.
• The sellers will receive $330m in cash and $813m in shares in the pro-forma entity.
• Sweetwater’s portfolio includes five assets in Wyoming, including the Green River Basin which holds one of the worlds largest natural trona deposits.
• Sweetwater’s soda ash capacity currently stands at 5.1mtpa and has potential to grow to 13.2mtpa.
• Global soda ash demand is expected to rise from c.80mtpa to 92.5mtpa by 2030, supported by increased solar glass and battery demand.
• Uranium Royalty holds interests in Cameco’s Cigar Lake (18mlbpa production), Paladin’s Langer Heinrich project, Cameco’s McArthur river mine and Peninsula’s Lance mine.
• The Company’s development royalties include Laramide’s Churcrock, UEC’s Roughrider and Paladin’s Michelin project.
• the pro-forma entity’s LTM EBITDA stands at $68m, with a reserve life of >100 years.

West African Resources (WAF AU) SUSPENDED – Trading halt

• The Company requested a temporary trading halt pending an announcement relating to Burkina Faso government interest in Kiaka Gold Mine.
• The announcement is being prepared regarding a potential acquisition of an additional 25% stake by the government.
• The government currently holds a 15% free carry in the mine.

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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