SP Angel . Morning View . Monday 01.12.25

MiFID II exempt information – see disclaimer below

Blencowe Resources (BRES LN)– DFS for the Orom Cross graphite project, Uganda

Cornish Metals* (CUSN LN) – Further progress at South Crofty as underground miner training gets underway

Greatland Gold (GGP LN) – Havieron FS sees 266kozpa over 17 year LOM

Kodal Minerals* (KOD LN) – Maiden SC shipment with ~$24m in preliminary sales proceeds

Minerals260 (MI6 AU) – c.100% increase in Bullabulling MRE, PFS due mid 2026

Mkango Resources* (MKA LN) – 3Q25 results highlight progress toward full scale REE recycling and magnet production

Montage Gold (MAU CN) – Acquisition of African Gold for US$170m in stock

Strategic Minerals* (SML LN) – Completion of the latest drilling programme at Redmoor

Turaco Gold* (TCG AU) – Drilling ramps up with Afema PFS due 2Q26, MRE update due 1Q26

Versarien* (VRS LN) - SUSPENDED – Intention to appoint administrators, suspension of trading on AIM and resignation of NEDs

Silver ($58/oz) leads precious metals higher as Bitcoin sells off on tightening liquidity

• Silver futures have rallied, pressing on from recent record highs, up 16% over the past week.
• Spot gold is following, breaking out of its recent consolidation level of $4,050/oz, hitting $4,262/oz this morning and up 3% over the past week.
• Platinum and palladium have both rallied c.1.5% this morning, whilst sitting below October levels.
• The wider precious metals rally suggests a return of the ‘dedollarisation’ trade, with the dollar index rally fading.
• Precious metals may also be enjoying inflows from crypto traders, with Bitcoin now down 21% over the past month and sitting near April lows as liquidity tightens.
• Bitcoin and gold bulls often share a thesis of dollar debasement, with capital maybe seeking for more upward momentum as crypto unwinds.

Copper ($11,200/t) firms at record highs as Indonesian exports slide on Grasberg suspension

• Copper prices have rallied alongside the wider metals complex, pushing past the late October record highs.
• The move higher came despite disappointing China November PMIs this morning.
• A weaker dollar is lifting metals, with concerns over supply tightness pressuring the base metals space.
• Metal continues to flow into the US amid sustained premiums for COMEX copper, sucking supply out of Asia.
• Indonesian copper shipments fell after Grasberg’s mud rush incident hit output.
• Two smaller mines at Grasberg have resumed, but production has been cut in 2025 and 2026.

We are sponsoring the Oxford Mining Club Winter Drinks tonight

• Waldorf Hilton Hotel, London
• Please register to gain entry: https://www.eventbrite.co.uk/e/the-oxford-mining-club-winter-drinks-reception-tickets-1828856441849?aff=oddtdtcreator

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

Currencies

US$1.1619/eur vs 1.1571/eur previous. Yen 155.31/$ vs 156.37/$. SAr 17.073/$ vs 17.168/$. $1.323/gbp vs $1.320/gbp. 0.655/aud vs 0.652/aud. CNY 7.072/$ vs 7.077/$.

Dollar Index 99.34 vs 99.72 previous.

Precious metals:

Gold US$4,253/oz vs US$4,166/oz previous

Gold ETFs 97.5moz vs 97.5moz previous

Platinum US$1,695/oz vs US$1,648/oz previous

Palladium US$1,467/oz vs US$1,415/oz previous

Silver US$57.2/oz vs US$53.9/oz previous

Rhodium US$7,975/oz vs US$7,925/oz previous

Base metals:   

Copper US$11,219/t vs US$10,980/t previous

Aluminium US$2,878/t vs US$2,841/t previous

Nickel US$14,880/t vs US$14,825/t previous

Zinc US$3,072/t vs US$3,026/t previous

Lead US$1,977/t vs US$1,990/t previous

Tin US$38,915/t vs US$38,790/t previous

Energy:

Oil US$63.5/bbl vs US$63.5/bbl previous

• Crude oil prices edged higher as heightened geopolitical risk premium to Venezuelan global supplies outweighed the OPEC+ confirmation to suspend monthly production increases during 1Q26 due to weakening demand.
• The US Baker Hughes rig count fell by 10 to 544 units last week (-38 or 6.5% y/y), with oil rigs down 12 to 407 units (-70 y/y) and gas rigs up 3 to 130 units (+30 y/y), with Texas losing 8 rigs w/w to 226 units (-55 y/y).

Natural Gas €28.3/MWh vs €29.3/MWh previous

Uranium Futures $76.1/lb vs $76.0/lb previous

Bulk:   

Iron Ore 62% Fe Spot (Singapore) US$103.6/t vs US$102.1/t

Chinese steel rebar 25mm US$451.1/t vs US$450.4/t

HCC FOB Australia US$197.5/t vs US$195.0/t

Thermal coal swap Australia FOB US$110.0/t vs US$110.5/t

Other:  

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

NdPr Rare Earth Oxide (China) US$80,105/t vs US$78,710/t

Lithium carbonate 99% (China) US$13,080/t vs US$12,859/t

China Spodumene Li2O 6%min CIF US$1,155/t vs US$1,145/t

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

China Tungsten APT 88.5% FOB US$743/mtu vs US$743/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$272/t

US Titanium Dioxide TiO2 >98% US$2,961/t vs US$2,961/t

China Rutile Concentrate 95% TiO2 US$1,110/t vs US$1,109/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$3,075.0/kg vs US$3,075.0/kg

China Gallium 99.99% US$395.0/kg vs US$395.0/kg

EV & battery news

BYD issues recall of hybrid vehicles over battery inconsistencies

• BYD has been forced to is recall 88,981 plug-in hybrids (Qin PLUS DM-i) built between January 2021 and September 2023 due to inconsistency with power-battery packs.
• The defect can reduce power output and can prevent the cars from operating in pure-electric mode.
• In September 2024, BYD had recalled nearly 97,000 Dolphin and Yuan Plus EVs due to a manufacturing fault involving a steering control unit that posed risks of fire.

Tesla sets Norway's annual sales record

• Tesla has set Norway's annual sales record, with a month to spare, with January-November sales totalling 28,606, up 34.6% ytd.
• Overall car sales in Norway were up 70% yoy in November as buyers rushed to buy vehicles ahead of a planned rise in EV taxes from January.
• VW held the previous annual sales record of 26,575 in 2016.



Company news

Blencowe Resources (BRES LN) 9.5p, Mkt Cap £32m – DFS for the Orom Cross graphite project, Uganda

• Blencowe Resources, which released an updated estimate for the mineral reserves and resources for its Orom Cross graphite deposit in Uganda recently, has now issued results of its Definitive Feasibility Study (DFS).
• The DFS, covering an initial 15 year mine life at a production rate of 20,000tpa of TGC concentrates from mid-2027 envisages that capital expenditure of US$40m, followed by US$120m for a second phase raising production 70ktpa of concentrates  plus 20,000tpa of USPG (uncoated spheronised purified graphite) will deliver an NPV10% of US$1.09bn and an IRR of 96%.
• The company explains that completion of the DFS moves it towards financing the project and that it is exploring a range of options including ‘Development Finance Institutions’, Strategic Induistry Partners, institutional investors as well as “Government and quasi-government funding bodies”.
• Blencowe Resources is targeting “P1 financing by end-1Q 2026, enabling ordering, shipping and construction through 2026, and first production targeted for 1H 2027”.
• The company also restates its previous comments that ore reserves of 20.08mt at an average grade of 5.18% TGC (total graphite content) reflect drilling over only 2% of its licence area offering the potential for “substantial additional reserve growth and life of mine extensions … as new graphite deposits are incorporated”.

Conclusion: Recent drilling results from Orom Cross delivered a 47% increase in graphite ore reserves and now underpin a DFS showing a >US$1bn NPV10% and a 96% IRR for an initial 15-year project.

Cornish Metals* (CUSN LN) 7.9p, Mkt cap £99m – Further progress at South Crofty as underground miner training gets underway

• Cornish Metals has described progress at the South Crofty mine where it is currently dewatering and refurbishing the New Cook’s Kitchen shaft (NCK) and advancing surface works on the new processing plant site and stores and workshop buildings as it works toeards a resumption of tin production.
• The company confirms that work in the shaft is “progressing to plan with removal of the old pumps, pipes and steelwork complete and installation of the new permanent pumps well advanced”.
• Work at the mid-shaft pump station, at around 360m depth, is expected to be complete by the end of this year ahead of the installation of the submersible pumps at a depth of ~730m below surface and the resumption of dewatering.
• Cornish Metals expects to lower the water level to the depth of the lower pump station by “mid 2026”.
• In addition, underground development work to “establish the skip discharge and rock handling facilities for the NCK Shaft rock-hoisting system … [including] … approximately 600 metres of lateral development” has started providing an opportunity to train and establish the mining skills for a new generation of Cornish miners “in modern, mechanised development mining methods”.
• On surface, Cornish Metals confirms that work on the second phase of the excavation for the new pre-concentrator plant is underway and that “Construction activities for the new workshop and stores facility … are progressing well with the bulk excavation, foundations, and steelwork complete and the building cladding now underway”.
• CEO, Don Turvey, confirmed that the “work programme at South Crofty is progressing in line with our latest guidance”.
• He welcomed the start of underground development as “an important step that will provide a training platform for newly recruited miners”.
• The updated PEA, announced in September, describes an initial 14 year mine life delivering an economically robust project in the lowest quartile of global production costs with potential opportunities to extend mine life and/or increase output.

Conclusion: Following its’ funding earlier this year, Cornish Metals’ is on schedule for a new future for tin mining at South Crofty.  As underground development starts, the next generation of Cornish miners is developing modern mining skills to equip them for the future of 21st century mining.

*SP Angel act as Nomad and Broker to Cornish Metals

Greatland Gold (GGP LN) 399p, Mkt Cap £2,530m – Havieron FS sees 266kozpa over 17 year LOM

• Greatland reports the Feasibility Study results for Havieron.
• The Company updates ore reserves to 38.5mt at 2.63g/t Au and 0.33% Cu for 3.3moz Au and 128kt Cu.
• The Telfer Mill will process 3.9mtpa from Havieron over a 17 year LOM.
• Gold recoveries expected at 87% and copper recoveries at 84.4%.
• Average gold production of 266kozpa and copper production of 10ktpa.
• Development CAPEX of A$1.1bn, Expansion CAPEX of A$673m.
• 75% of CAPEX on underground mine development and infrastructure.
• AISC estimated at A$1,725/oz Au over LOM, net of by-product copper credits.
• The study also assumes that Havieron operates as a stand-alone operation although the ore would be processed “through existing Telfer processing plant, with $200m capital expenditure (budgeted within the Havieron Pre-production capital expenditure) for plant upgrades that could also enhance recovery of Telfer ore once installed”.
• Greatland Resources also describes a broader “scenario where ore from Telfer and Havieron is co-processed together at the Telfer Mill. This illustrative case assumed that the combined feed from Havieron and Telfer utilises the full 20Mtpa nominal processing capacity, with resulting reduction in Havieron AISC by sharing of fixed costs”.
• Post-tax NPV5 of A$2.9bn and IRR of 22.5% using A$4,500/oz Au, increases to A$5.4bn at A$6,250/oz gold prices.
• The underground operation will transport ore to Telfer via a 55km haul road.
• Concurrently, Greatland has entered a binding commitment letter for A$500m in corporate debt facilities from HSBC, ANZ, ING, NAB and Westpac.
• Greatland reported A$750m in cash and no debt as at 30th September.
• Environmental approval targeted for FY26, with FID due shortly after.
• First gold expected 2.5 years after FID.
• Management is exploring residual Mineral Resource addition opportunities outside the Mine Plan, with 3.1moz Au and 130kt Cu lying outside the mine plan.

Kodal Minerals* (KOD LN) 0.35p, Mkt Cap £72m – Maiden SC shipment with ~$24m in preliminary sales proceeds

(Kodal Minerals Plc now, effectively, hold 49% of 65% of the Bougouni project (~32% effective interest) with Mali holding 35% through LMLB and 65% of LMLB held by the Kodal jv with Hainan Mining within KMUK)

• The Company loaded 28,950t of spodumene concentrate onto a bulk cargo vessel at the Port of San Pedro, Cote d’Ivoire.
• The vessel departed on 30 November to the destination port in Hainan Province, China.
• LMLB, a local subsidiary operating the Bougouni Lithium Mine, to receive maiden payment for ~US$24m.
• Th Company expects the realised price to exceed US$930/SC.
• Payment to be made by the offtake partner and the co- owner of LMLB, Hainan Mining.
• The payment is for an initial 95% of cargo value with the balance paid on confirmation of concentrate quality.
• Stage 1 DMS operation at Bougouni produced over 45kt SC5.4 so far.
• The DMS operation is targeted to run at 125ktpa SC5.5.

Conclusion: Maiden concentrate shipment and to be received ~US$24m payment marks a major milestone at the Bougouni Lithium Mine, the second only lithium operation in the country. With lithium prices recovering lately, timing of the shipment helps the Company to secure better price levels compared to just several months before.

*SP Angel acts as Nomad and broker to Kodal

Minerals260 (MI6 AU) A$0.42, Mkt Cap A$858m – c.100% increase in Bullabulling MRE, PFS due mid 2026

• Minerals260, a West Australian gold development company, reports an MRE upgrade for the Bullabulling Project.
• The updated Bullabulling resource stands at 130mt at 1g/t Au for 4.5moz.
• The bulk of the ounces is in the Phoenix at Bacchus pits at 1.8moz and 1.6moz respectively.
• 93mt at 1g/t Au in Indicated and 42m at 1.1g/t Au in inferred.
• 90,000m of drilling has been completed by MI6 in 2025.
• Further drilling planned to target mineralisation at depth and along strike.
• Metallurgical testwork suggests free milling and conventional CIL flowsheet with 92% recoveries.
• Company plans a PFS and maiden Reserves in mid-2026, with FID due early 2027, first production due late 2028.

Mkango Resources* (MKA LN) 46p, Mkt Cap £146m – 3Q25 results highlight progress toward full scale REE recycling and magnet production

BUY

• The Company released 3Q25 operating and financial update.
• Recycling business development advances at pace.
• First production (~3t) and commercial sales of recycled NdFeB alloy powder at Tyseley.
• Powder was sold to a long loop processor (hydrometallurgical process to produce separated REOs from alloy powder) with first revenue to be reported in year end results.
• Supply and offtake agreements signed.
• UK HPMS facility targets 2tpm production rate and evaluating phased expansion from next year.
• First magnet blocks produced at Tyseley post quarter end following commissioning of the sintering furnace.
• Production of highest value end products, magnets, to be scaled up over the coming months.
• In Germany, commissioning of recycling and magnet manufacturing plant targeted by YE25 and first alloy powder production 1Q26 (subject to permitting).
• Expansion plans in the UK and Germany to 750-1,000tpa (each) from currently planned 100-350tpa are being evaluated.
• HyProMag US is targeting Notice to Proceed 1Q26 and maiden production mid-2027.
• HPMS tech rollout is being considered in Japan, Canada and South Korea.
• Mkango Rare Earths (MKAR) representing an interest in Songwe Hill REE Project, Malawi, and Pulawy Separation Plant, Poland, is expected to register for NASDAQ listing 1Q26.
• The team is finalising revised NI 43-101 and US SK-1300 technical reports on Songwe Hill and a PFS on Pulawy as part of the registration process.
• 3Q25 loss -US$12.6m (3Q24: -0.3m), reflecting warrants’ revaluation losses (~$9.8m).
• G&A and mineral project related costs -$1.7m (Q324: -$0.6m) reflecting higher spend on recycling as well as upstream/midstream business segments.
• FCF -$4.9m (3Q24: -$1.4m) including $1.8m in capitalised projects’ related costs.
• Closing cash balance ~$2.0m and no bank debt.
• The Company raised £3m (@30p, ~$4.0m) post reporting period with net proceeds to fund recycling business development costs in Germany and the UK.

Conclusion: The Company is advancing development of commercial scale HPMS facilities reporting maiden alloy powder sales and block production followed by magnet manufacturing in coming months in the UK. Construction of facilities in Germany is also progressing well with maiden alloy powder production due 1Q26. HPMS facilities are expected to be in construction in 2026 following a Notice to Proceed in 1Q26. At the same time, the team readies for NASDAQ spin out of its upstream/midstream segment with listing registration planned for 1Q26.

*SP Angel acts as nomad and broker to Mkango Resources

Montage Gold (MAU CN) C$8.5, Mkt Cap C$3.1bn – Acquisition of African Gold for US$170m in stock

• Montage Gold announced on Friday it has acquired African Gold.
• Montage is paying A$0.5/share, representing a 54% premium to the 10-day VWAP at 0.0638 exchange ratio.
• Implied valuation for African Gold at close of US$170m.
• Montage already held 17.3% in the Company and African Gold shareholders will receive a 7.8% stake in the combined, fully diluted register.
• Montage has been operating the Didievi project since acquiring its initial stake in the Company, identifying ‘new targets, in parallel to conducting metallurgical testwork.’
• African Gold holds the Didievi Project in Cote d’Ivoire.
• Didievi holds an inferred Resource at Blaffo Guetto of:
  • 12.4mt at 2.5g/t Au for 989koz Au.
• Montage management sees potential for Didievi to become a ‘high-quality standalone operation.’
• Scheme implementation due late April 2026.
• Montage also holds a strategic stake in Aurum Resources, taking a 9.9% position in July, with the Lundin family also taking a stake.
• Aurum’s Boundiali project is also in the Cote d’Ivoire, with an MRE of 77mt at 1g/t Au for 2.41moz.

Strategic Minerals* (SML LN) 1.2p, Mkt Cap £30m – Completion of the latest drilling programme at Redmoor

• Following the release of assay results from the first two holes of its drilling campaign at Redmoor, Strategic Minerals confirms that it has now completed the campaign with 5,048.70m drilled “ahead of schedule, within budget, and with exceptional results reported to-date from two drillholes”.
• The company confirms that samples from holes CRD-035 and 036 are currently being processed at the assay laboratory and that “samples from CRD037 … [are] … to be shipped imminently”.
• The announcement also discusses hole CRD-041 which “successfully intersected the full extent of the Sheeted Vein System ("SVS"), passing through an underexplored section of the Redmoor deposit … [with] … Visible tungsten, tin and copper mineralisation within the intersected SVS”.
• Hole CRD-041 confirms the “continuity of mineralised structures, and the SVS, to the westward most extent of the deposit that has currently been explored … [and also intersected] … newly identified visible tin mineralisation in a 10 m wide (downhole) veined zone immediately north of the modelled Redmoor SVS Mineral Resource”.
• Today’s announcement also confirms that metallurgical flotation testing is “progressing ahead of schedule … [with results expected to] … inform the forthcoming Mineral Resource Estimate ("MRE") update” which is due during Q1 2026.
• Exploration Manager, Rowan Thorne, explained that “the visual zones of mineralisation within the SVS and logged by CRL geologists have so far shown good correlation with the wide and high-grade analytical results so far received”.
• Executive Chairman, Charles Manners, acknowledged the “hard work and professionalism demonstrated by CRL's team in delivering the drilling programme, and the exceptional results to-date”.

Conclusion: Completion of Strategic Minerals’ latest drilling campaign has demonstrated both the presence of previously unrecognised mineralisation and also the continuity of the SVS hosted mineralisation which underpins the 2019 ‘Inferred’ resource. We look forward to the updated MRE in Q1 2026.

*SP Angel acts as Nomad and broker to Strategic Minerals

Turaco Gold* (TCG AU) A$0.54, Mkt Cap A$566m – Drilling ramps up with Afema PFS due 2Q26, MRE update due 1Q26

• Turaco Gold, who hold the Afema project in Cote d’Ivoire, report drilling results from Woulo Woulo and Herman.
• Company has completed resource drilling at Woulo Woulo, aimed to upgrade the Inferred resource within the PFS pit shell and to extend mineralisation down dip.
• Drilling results improve the Woulo Woulo resource model and deliver higher-grade results.
• Highlights include:
  • WOUD0231: 134m at 1.07g/t Au
  • WOUD0220: 93m at 1g/t Au from 1m
  • WOUDD0217: 65m at 1.34g/t Au from 1m
  • WOUDD0219: 79m at 1.03g/t Au from surface
  • WOUDD0233: 73m at 1.36g/t Au from 212m
  • WOUD0229: 90m at 1.1g/t Au from 177m
• Management comments that drilling ‘has confirmed the highly predictable nature of the deposit, demonstrated strong grade continuity but also increased gold grade across several sections.’
• At Herman, drilling has been conducted to deliver a maiden resource estimate.
• Herman lies parallel to the 1.6moz Woulo Woulo deposits.
• Highlights include:
  • HMRC0006: 19m at 2.53g/t Au from 42m
  • HMRC0026: 13m at 3.1g/t Au from 58m
  • HMRC0012: 8m at 4.3g/t Au from 98m
  • HMRC0025: 6m at 2.2g/t Au from 55m
• Management sees mineralisation at Herman extending over a 1,000m strike to depths of under 100m vertical, open in all directions.
• A Herman maiden MRE is due 1Q26.
• 4,500m of resource drilling at Anuiri has been completed.
• Exploration drilling at Adiopan, Baffia and Kotoka is underway, with all prospects lying outside of the current 4.1moz Afema MRE.
• Drilling is set to resume along the trend to target oxide mineralisation along the 10km trend.
• Afema PFS due 2Q26, with metallurgical optimisation due for completion January 2026.
• Hydrogeology drilling due for completion January 2026.

*An SP Angel analyst holds shares in Turaco Gold

Versarien* (VRS LN) - SUSPENDED – Intention to appoint administrators, suspension of trading on AIM and resignation of NEDs

• It is with much sadness that we report the Versarien’s intention to appoint administrators and the company’s suspension of trading on AIM.
• Versarien has developed a series of innovative graphene products with certain graphene composites now being manufactured under lcense.
• Developments and projects have included.
  • Balfour Beatty Highways: Working with Balfour Beatty Highways business to co-develop a range of UK supplied, low-carbon, graphene-infused 3D printable mortars designed for civil construction.
  • CementeneTM:  Commissioned concrete and mortar specimen testing equipment for CementeneTM development and for 3D Construction Printing.
  • Construction Innovation Programme: High Growth AI Accelerator for Innovate UK BridgeAI.
  • GraphinksTM: Two-year supply agreement with Montana Quimica to graphene and related materials eg GraphinksTM.
• In February, Versarien reported a £4.7m pipeline of opportunities with £1.6m of commercial work and £3.1m of grant funding.
• The group has followed through with extensive restructuring but has been frustrated by the sale of assets which have been blocked by a ruling from the Chancellor of the Duchy of Lancaster against the acquisition and use of Versarien assets by the proposed jv company with China's Anhui BIMT ‘Boundary Innovative Materials Technology’ on the grounds of maintaining the security of know-how and intellectual property relating to the production and use of graphene with dual-use applications.
• Acceptance of the offer had been delayed under the UK NSIA ‘National Security and Investment Act’and Chinese Outbound Direct Investment including a pending decision from the Investment Screening Unit in relation to a jv company.
• Versarien continue to take advice from Leonard Curtis, Administrators, whilst exploring other options for the disposal of the Company's remaining assets.
  • “The Board is conscious that it is reliant upon the support of its creditors to continue its operations.
  • Although creditors continue to be supportive, the Board has regrettably resolved to serve a notice of intention to appoint ("NOIA") Leonard Curtis as administrators.
  • The purpose of the NOIA is to protect the Company against any creditor enforcement action for a period of 10 working days and allow secured creditors, if they so wish, to appoint an alternative administrator.
  • During this time Leonard Curtis will seek to conclude a transaction with interested parties which may not necessarily result in administration. If a transaction is not concluded within this timeframe, the administration will proceed.
  • Consequently, the Company has requested a suspension in the trading of its ordinary shares on AIM, which will become effective from 7.30 a.m. today.”

Conclusion: Versarien is technology company developing and forming new and innovative composite materials. Management have developed a number of commercial products in collaboration with international companies. Innovation, composite development and testing requires significant investment, dedication and time.

*SP Angel acts as Nomad and Broker to Versarien

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

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.