SP Angel . Morning View . Monday 02.03.26

MiFID II exempt information – see disclaimer below

Blue Moon Metals (MOON CN) – Acquisition of Teck’s Apex mine

C3 Metals (CCCM CN) – Assays support Khaleesi copper mineralisation scale, 15,000m drill programme planned

Cobra Resources (COBR LN)  – Improved ISR results from the Boland project

ECR Minerals (ECR LN)  – Additional exploration licence in Victoria

Empire Metals* (EEE LN)  – Joining Western Australian Critical Minerals Delegation

First Class Metals (FCM LN)  – Drilling at the Sunbeam property, Ontario

Galileo Resources (GLR LN)  – Reconnaissance drill targets in Nevada

Harena Rare Earths* (HREE LN)  – New investors

Kavango Resources* (KAV LN)  – Simon Bowman defaults on option for Kavango to acquire 100% of the Nara Gold Project

Lynas Rare Earths (LYC AU) – Malaysian operating license renewal

Meteoric Resources (MEI AU) – Cadeira 10kg MREC sample delivered to MagBras

Power Metal Resources* (POW LN)  – Increased Saudi Arabia footprint with strategic investment and MoU with Greyridge

Premier African Minerals (PREM LN)  – Imminent arrival of the flotation plant for the Zulu lithium project

Gold ($5,386/oz) rallies as investors turn to safe havens following US-Iran escalation as US dollar strengthens

• Gold prices jumped to $5,419/oz this morning before stabilising around the $5,386/oz mark, up 2%.
• The metal is now up 15% from its January sell-off lows of $4,600/oz, but remains off record highs of $5,600/oz.
• Traders had been boosting their gold holdings in the run-up to the US/Israel strike on Iran, with regime-related families seen diversifying their assets into offshore locations.
• Gold buying has been strong since the West froze Russian assets following their invasion of Ukraine.
• Debasement trade: Increasing geopolitical fragmentation has seen BRIC central banks reduce their exposure to dollar assets in favour of gold.
• We would expect this theme to continue, with tensions remaining elevated between the US and China.
• Cuba: Trump mentioned over the weekend a potential ‘friendly takeover’ of Cuba, suggesting increased foreign intervention is possible.
• The Iranian situation has strengthened the US dollar index to Dollar Index 98.53 from 97.69 on Friday morning, taking the shine off the Chinese yuan.
• North Korea: if Trump enables regime change in Iran, might North Korea be next in line?

Tin (US$56,800/t) prices continue to climb on expectations for new demand from AI datacentres and EVs continues to grow

• Tin prices were $53,688/t on Friday morning
• The market is being driven by supply issues with recent shipments out of Indonesia experiencing delays.
• Indonesia is expected to raise export quotas to 60,000t having shut down extensive artisanal, illegal and polluting mining activity.
• A relatively slow recovery of exports from Indonesia is tightening the market further.
• CATL is looking at tin anodes for sodium-ion batteries which may raise tin demand further.
• Recent stability of supply in Myanmar has taken the heat out of the tin price on the SHFE.

Tungsten prices rise to new all-time high of >US$2,077/mtu today (Chinatungsten.com)

• China Tungsten APT 88.5% FOB US$1,698/mtu vs US$1,648/mtu according to Asianmetal.com
• Prices are most likely driven by the ‘defense’ action being taken in the Gulf by the US and Iran.
• Near-zero exports of APT out of China in late 2025 have tightened the Western market which produces just 10-20% of global APT supply.
• While tungsten is a relatively simple metal to mine and concentrate a shortage of APT processing remains an issue

IG TV – Indaba interview: https://youtu.be/-YKK0NzMLZ0?si=i-83_jtBI8u5bM86

Commodity Markets Weekly: https://youtu.be/OEvjlwDdmQ8?si=Ej5UcV91750ErDPk

VOX video:  The most extraordinary week in commodities I've ever witnessed

New commodities cycle: https://www.voxmarkets.com/articles/we-are-now-in-a-new-commodities-cycle-says-sp-angel-s-john-meyer-277006a

Worth reading - Mineral War: China’s Quest for Weapons of Mineral Destruction by Tomasz Nadrowski

• https://www.amazon.co.uk/Mineral-War-Chinas-Weapons-Destruction/dp/B0GHDYRLZK

Currencies

US$1.1716/eur vs 1.1811/eur previous. Yen 157.05/$ vs 156.11/$. SAr 16.121/$ vs 15.894/$. $1.335/gbp vs $1.349/gbp. 0.707/aud vs 0.712/aud. CNY 6.886/$ vs 6.858/$.

Dollar Index 98.53 vs 97.69 previous.

Economics

US – Israeli/US strikes on Iran launched over the weekend continue following a liquidation of a series of top officials including the Ayatollah Ali Khameini, the defence minister and Revolutionary Guards commander.

• Tehran responds with attacks on US allies in the Gulf, targeting civilian infrastructure and American military bases.
• Ballistic missiles have been launched to hit targets across Israel, Bahrain, Qatar, the UAE, Saudi Arabia and Kuwait.
• UK lets the US to use its domestic military bases to launch attacks on Iranian missile storage sites and launchers.
• Brent opened over $80/bbl on fears of disruption of oil through the Straight of Hormuz as well as damage to producing/refining/logistics facilities.
• OPEC agreed to a modest increase in quotas (+206kbbl) over Sunday with higher production to come into effect from April.
• China, an importer of ~90% of the Iranian oil, condemned strikes.
• VIX is at its highest since April retaliatory tariffs period last year.

Israel – reports indicate first use of Iron Beam laser defense system successfully intercepted rockets overnight and UAVs over Israel

• Footage shows drone interception which is consistent with the system’s reported capabilities
• The news will be good for certain specialist and critical materials

Iran – Trying to provoke UAE, Saudi and others into reaction

• The UAE, Saudi and others are unlikely to take any direct action against missiles from Iran.
• Many believe Iran has been run by its military for some time with the Ayatollah as a figurehead.
• The elimination of the Ayatollah and key generals will be a blow but it will not take long for the military to regroup.
• The best news we heard was that the Iranian agency set up to root out Mossad agents was run by a Mossad agent.
• Goes to show how deeply imbedded dissent is within the Iranian regime.

UK – Starmer speech on UK defensive involvement in Iran conflict

• We can understand why Starmer does not want to inherit the legacy of Tony Blair and the second Gulf War.
• But Starmer looked like a confused amateur who is uncomfortable with geopolitics.
• Might we suggest that if Starmer is uncomfortable with the Iran issues maybe he could delegate to someone who better understands the situation.

Precious metals:

Gold US$5,405/oz vs US$5,178/oz previous

Gold ETFs 100.8moz vs 100.8moz previous

Platinum US$2,415/oz vs US$2,382/oz previous

Palladium US$1,858/oz vs US$1,860/oz previous

Silver US$96.0/oz vs US$89.5/oz previous

Silver ETFs 833.9moz vs 833.9moz previous

Rhodium US$12,250/oz vs US$12,250/oz previous

Base metals:

Copper US$13,390/t vs US$13,493/t previous

Aluminium US$3,227/t vs US$3,158/t previous

Nickel US$17,619/t vs US$17,859/t previous

Zinc US$3,335/t vs US$3,378/t previous

Lead US$1,963/t vs US$1,990/t previous

Tin US$56,800/t vs US$53,688/t previous

Energy:

Oil US$79.7/bbl vs US$71.5/bbl previous

• Crude oil prices jumped ~10% in early trading following military strikes by US and Israeli forces on Iran, which drew counter strikes that included attacks on three oil tankers, as OPEC+ agreed on Sunday to lift output by 206kb/d in April.
• European energy prices surged over 20% this morning as tanker traffic in the Strait of Hormuz were severely disrupted by the ongoing hostilities, which includes exports from Qatar that accounts for ~20% of global LNG trade and a third of the global helium market through production of the giant North Field into the Ras Laffan facilities.
• The US Baker Hughes rig count fell 1 to 550 units last week (-43 or -7% y/y), with oil rigs down 2 to 407 units (-79 y/y) and gas rigs up 1 to 134 units (+32 y/y), with Apache planning to reduce its Permian rig count by 15% y/y to 5 rigs in 2026.
• The Israeli Energy Ministry ordered the temporary shutdown of Chevron (Leviathan) and Energean (Karish) offshore gas fields as a precaution due to deterioration in the regional security environment, with Kurdistan’s DNO (Tawke and Peshkabir), Gulf Keystone Petroleum (Shaikan) and ShaMaran Petroleum (Atrush and Sarsang) also shutting in fields.

Natural Gas €40.4/MWh vs €31.7/MWh previous

Uranium Futures $87.8/lb vs $88.6/lb previous

Bulk:   

Iron Ore 62% Fe Spot (Singapore) US$98.8/t vs US$98.8/t

Chinese steel rebar 25mm US$468.6/t vs US$466.9/t

HCC FOB Australia US$246.0/t vs US$245.0/t

Thermal coal swap Australia FOB US$117.3/t vs US$117.3/t

Other:  

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

NdPr Rare Earth Oxide (China) US$129,386/t vs US$128,873/t

Lithium carbonate 99% (China) US$21,418/t vs US$20,751/t

China Spodumene Li2O 6%min CIF US$1,905/t vs US$1,900/t

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

China Tungsten APT 88.5% FOB US$1,698/mtu vs US$1,648/mtu

China Tantalum Concentrate 30% CIF US$161/lb vs US$151/mtu

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

Europe Vanadium Pentoxide 98% US$5.5/lb vs US$5.5/lb

Europe Ferro-Vanadium 80% US$27.8/kg vs US$27.5/kg

China Ilmenite Concentrate TiO2 US$264/t vs US$263/t

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

China Rutile Concentrate 95% TiO2 US$1,148/t vs US$1,143/t

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

Brazil Potash CFR Granular Spot US$372.5/t vs US$372.5/t

Germanium China 99.99% US$3,025.0/kg vs US$3,025.0/kg

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

Company News:

Blue Moon Metals (MOON CN) C$6.9, Mkt Cap C$558m – Acquisition of Teck’s Apex mine

• Blue Moon has agreed to acquire Teck’s historic Apex germanium, gallium, copper mine in Utah.
• Blue Moon will issue Teck 7m shares, a 0.5% NSR , LOM zinc concentrate offtake rights and various other marketing and investor rights to Teck.
• Apex was historically owned by Hecla who reported a feasibility study with 230kt at 0.1% Ge, 0.046% Ga and 1.6% Cu.
• Management will advance technical studies, metallurgical testing, process flowsheets in order to reach an FID.
• Management intends to redevelop the Apex mine in Utah to unlock supply of germanium and gallium.
• The Company is also exploring the ability to process zinc concentrates from their Blue Moon Mine in California at Teck’s Trail Operations.
• Blue Moon production is expected to begin in 2028, expected to produce copper and zinc concentrates.
• Blue Moon’s Springer Complex is aimed to support processing of the Blue Moon Mine concentrate and Springer Mine tungsten production.

C3 Metals (CCCM CN) C$1.2, Mkt Cap C$152m – Assays support Khaleesi copper mineralisation scale, 15,000m drill programme planned

• Jamaica/Peru copper explorer C3 Metals reported assay results from the Khaleesi Project in Peru last week.
• C3 has now drilled 12 diamond holes over 6,300m at the project, within a mineralised footprint measuring 1,000m x 500m.
• Last week’s drilling intercepted skarn and diorite hosted copper mineralisation with highlights of:
  • KHZ5825-001: 101m at 0.37% CuEq from 23m
  • KHZ5950-001: 244m at 0.29% CuEq from 200m
• The exploration team believes it is unveiling a large-scale skarn system with potential for a causative porphyry system.
• As a result, management is developing a geological model to better target the skarn and potential porphyry.
• C3 is rolling out an aggressive drilling programme at Khaleesi over 2026, with 25-30 holes planned over 15,000m.
• Management notes the potential for higher grade mineralisation in the western and southwestern areas of the project, with mineralisation intercepted in the east and northeast considered further from the ‘heat engine’ of the system.

Conclusion: Assays from Khaleesi to date have identified a large-scale copper-bearing system from the initial 12 hole greenfield programme. C3 is now expanding drilling at the programme with a further 15,000m planned. An updated geological model is being developed to target higher-grade zones to the west, as they continue to search for the potential porphyry system related to intercepted skarn-hosted mineralisation. We see Khaleesi as holding major scale potential, in a tier one copper jurisdiction with several neighbouring operations in production.

Cobra Resources (COBR LN) 4.9p, Mkt Cap £45m – Improved ISR results from the Boland project

• Cobra Resources reports that optimisation tests on in-situ mineral recovery (ISR) at its company’s Boland rare earths project in South Australia have produced a “high purity… [rare-earth carbonate product with] … industry leading heavy REE ("HREE") ratios”.
• The company says that bench-scale testing, undertaken by Australia’s Nuclear Scientific Technology Organisation (ANSTO), on a 42kg composite sample of Boland’s mineralisation “represents significant progress in process optimisation, successfully increasing the value and marketability of the projects saleable product”.
• “Based on the REE proportions, a ~170% increase in product value has been achieved when compared to the initial MREC produced in January 2025”.
• Today’s announcement clarifies that the improved recovery rate was achieved over 17 days of “controlled ISR”.
• Explaining that in situ recovery is “one of the lowest cost and lowest disturbance forms of mining” Managing Director, Rupert Verco, said that the testing has “demonstrated that Boland's' ISR recoverable mineralisation will include very low acid consumption, self-acid generation, cerium separation and simple purification”.
• He confirmed that “we need to finish drilling out a resource that aims to support a future, long-life operation. Preparations are well underway”.

Conclusion: The latest bench-scale tests on material from Boland enhance rare-earth carbonate product value as the company moves ahead with resource drilling

ECR Minerals (ECR LN) 0.3p, Mkt Cap £10m – Additional exploration licence in Victoria

• ECR Minerals has expanded its exploration area at the Tambo project in Victoria to cover 47km of strike length with the award of an additional 322km2 licence area at Tambo South.
• The five year licence (EL 007486) includes historical occurrences of gold, tungsten and copper and today’s announcement explains that the neighbouring “Haunted Stream Goldfield has recorded encouraging drilling results on a shear zone that is believed to pass into the Tambo South Licence area”.
• Initial exploration is expected to include “grassroots stream sampling, rock chip sampling and LIDAR (Light Detection and Ranging) acquisition … [with an initial focus] …  on the projected shear zones”.
• Chairman, Nick Tulloch said that the project area may also host “a largely under-explored alluvial opportunity”. The company is already pursuing alluvial gold opportunities in Queensland, including at its Raglan and Blue Mountain projects.

Empire Metals* (EEE LN) 34p, Mkt Cap £240m – Joining Western Australian Critical Minerals Delegation

1. Empire Metals is set to take part in the 2026 Western Australia Critical Minerals Delegation to North America.
2. Empire is set to present at Australia Day at the PDAC conference in Toronto today, followed by several industry meetings in New York and Washington DC.
3. The Delegation reflects strengthening ties between Australia and the US as they look to establish an integrated critical minerals supply chain.

Conclusion: Empire taking part in the WA Critical Minerals Delegation in the US reflects the strategic nature of the Pitfield titanium project. Pitfield offers the potential of a long-life, large-scale titanium operation, positioned to feed into growing titanium metal and pigment demand globally.

*SP Angel acts as nomad and broker to Empire Metals

First Class Metals (FCM LN) 1.05p, Mkt Cap £2.6m – Drilling at the Sunbeam property, Ontario

1. First Class Metals reports that it has completed 5 holes totalling ~490m of its planned 11-hole ~1,000m drilling programme at the Roy prospect on its Sunbeam property located around 230km west of Thunder Bay in Ontario.
2. Marc Sale, CEO, said that each of the five holes completed so far “have intersected potential mineralised structure(s)”.
3. So far, assays are not available however Mr. Sale said that based on “the visual assessment of the prospectivity by the technical crew … we all remain enthusiastic and positive at this juncture”.
4. The “Roy occurrence / development is located is a district scale structure and has now been traced … some 5km northeast along strike of the mine shaft”.
5. Channel sampling in the vicinity of historic workings on the property showed up to 18.8hg/t gold “as well as the outcrop containing visible gold”.
6. The announcement explains that the first hole of the programme (SUN 26-01) ‘twinned’ an historic hole (SP-11-12) but that “the majority of the holes drill will adopt a new azimuth at variance to the historical one of 150o… [which is now thought to be] … a far better azimuth / angle to intersect the mineralisation based on the structural understanding FCM has developed through ground observations and thorough review of the historical geological and drill data”.
7. Further drilling is currently “paused for the Prospectors and Developers Association of Canada ("PDAC") convention and will recommence on or about the 7th March”.

Conclusion: Assays are awaited on the initial drilling at the Sunbeam property in Ontario with drilling temporarily paused to accommodate the PDAC.  Initial work intersected potential mineralisation in the first five holes drilled on the Roy structure.

Galileo Resources (GLR LN) 0.8p, Mkt Cap £10.7m –Reconnaissance drill targets in Nevada

• Galileo Resources reports that it has now identified four initial target areas for potential skarn-hosted and porphyry-type mineralisation over a 20km2 area at the Ferber property, Elko County, Nevada.
• Based on “new mapping, geochemical and geophysical programmes” Galileo Resources plans a 3,000m reconnaissance core-drilling programme of up to eight holes to test the most promising areas.
• Drilling is expected to start “in the first half of 2026” following receipt of permits and the selection of a drilling contractor.
• Today’s announcement explains that historic drilling results in the area “included 12.2m @ 0.83% Cu and 10.7m @ 0.53g/t Au, while periodic mining included the Martha Washington mine where production was reported to average 6% Cu, 16% Pb and 14 oz/ton Ag”.

Harena Rare Earths* (HREE LN) BUY, 3.3p, Mkt Cap £22m – New investors

• The Company released a couple of TR-1 this morning.
• News follow a £2.0m equity issue (~91m shares @2.2p) announced last week.
• Gregory Coffey and Matthew Press now hold ~10% (68m shares) and ~3.5% (24m) in the Company.

Conclusion: New investors have joined the register having put in £2m last week as the team is advancing its 100% owned Ampasindava Ionic Adsorption Clay Rare Earth Project in Madagascar. January 2026 PFS guided for a 5Mtpa heap leaching operation delivering ~4.1ktpa TREO in MREC including ~1.7ktpa in high value MREO (~1.6ktpa NdPr and ~100tpa DyTb). Amid rising geopolitical tensions between China and the West, the project is aiming to be an emerging ex China source of key REEs critical for transport electrification, renewables, robotics, healthcare and defence.

*SP Angel act as Broker to Harena Rare Earths

Kavango Resources* (KAV LN) 0.80p, Mkt Cap £29m – Simon Bowman defaults on option for Kavango to acquire 100% of the Nara Gold Project

• Kavango reports the default by Simon Bowman who agreed to sell the Nara Gold project to Kavango.
  • “Pursuant to the terms of the Notice of Exercise, the subsequent extension to Completion was to take place on 27 February 2026. The Seller has now defaulted on the agreed terms of the Call Option Agreement.”
• Kavango will now look to enforce the contract and to see compensation against Simon Bowman and his operating company Romjack Mining.
• Kavango has three principal gold projects in Zimbabwe
  • Hillside, split into:  
    • Nightshift – potential for some open pit mining and possible underground development
    • Steenbok – small scale production with high-grade gold identified under existing small-scale production
    • Bill’s Luck – underground gold mine targeting 20,000ozpa
    • Britain- mineralised structures identified in drilling
  • Nara, where Kavango have confirmed a mineralised gold system which offers large-scale bulk mining potential
    • The team are testing gold extensions at the Killarney mine and potential for near-term tailings reprocessing
  • Leopard – exploration is ongoing to evaluate potential for open cast mining.
• Management "will continue to increase gold production at the Hillside Gold Project”
• The company will also continue with the farm-out of the Kalahari Copper Belt license portfolio.

Conclusion: We believe Kavango is significantly well placed within Zimbabwe to ensure Mr Bowman honours his option contract to hand over 100% of the Nara prospect to Kavango.

Kavango’s recent listing on the Victoria Falls Stock Exchange and investment by Zimbabwe pension funds may support Kavango’s cause locally.

*An SP Angel Analyst holds shares in Kavango

Lynas Rare Earths (LYC AU) A$20, Mkt Cap A$20bn – Malaysian operating license renewal

• The Company received a letter from the Malaysian Department of Atomic Energy confirming the renewal of its operating license.
• New license is valid for 10 years starting 3 March.
• The formal license to be issued by the regulator in due course.
• The Company is running separation facilities treating concentrates and MREC from Australia to produce REOs.

Meteoric Resources (MEI AU) A$0.2, Mkt Cap A$529m – Cadeira 10kg MREC sample delivered to MagBras

• The Company shipped 10kg bulk sample of its MREC from the pilot plant at the Caldeira Rare Earth Project, Brazil.
• The sample was delivered to MagBras, a national Brazilian initiative designed to develop integrated permanent magnet manufacturing in the country.
• The initiative is funded by the Brazilian Development Bank (BNDES) and has Vale, Stellantis and WEG as partners.
• MagBras will process MREC at its demonstration plant facilities for production of rare earth magnets.
• The plant was commissioned at Pocos de Caldas in December 2025.
• Nameplate capacity is ~600kg/day in throughput producing ~2kg/day MREC.
• Preliminary details from the plant show targeted 70% average recoveries for MREOs.

Power Metal Resources* (POW LN) 15p, Mkt cap £18m – Increased Saudi Arabia footprint with strategic investment and MoU with Greyridge

• Project incubator Power Metal Resources has made a strategic investment and signed an MoU with Greyridge Exploration.
• POW has earnt an initial 4.6% stake in Greyridge, which is focused on discovering copper and gold in Saudi Arabia.
• The Company has paid $1.5m as part of a $10m financing in Greyridge.
• The MoU sees POW and Greyridge create collaborative arrangements including JVs and earn-in agreements on Greyridge’s licences.
• Greyridge holds 25 licences covering 1,817km2.
• The funds raised by Greyridge will be used to conduct drill programmes on the Company’s Ad Dawadimi and Al Amar projects.
• Al Dawadimi is an intrusion-related copper-gold project and Al Amar is a gold-enriched VMS project.
• Al Dawadimi has shown a potential copper system over a 1km x 1km area, with rock chip sampling returning grades up to 4.99% copper.
• Al Amar lies along strike from the Al Amar mine and the Khnaiguiyah VMS deposit, currently being advanced by Ajlan and Moxico.
• Work at Al Amar has identified a 1km magnetic low anomaly with associated copper-oxide and sulphide bearing veins.
• The Company intends to complete geophysical surveys, infill geochemical sampling and drilling of current targets.
• Greyridge also holds the Wadi Wassat copper-gold project, which lies along strike from the al Masane VMS mine

Conclusion: The investment sees POW boost its exposure to Saudi Arabian copper-gold exploration, whilst the MoU with Greyridge expands POW’s potential project pipeline in country. We see Saudi Arabia as a highly prospective jurisdiction currently being opened up by the Kingdom’s drive to increase its production of metals from currently untapped resources. Greyridge is set to begin a high-impact exploration programme with the $10m raised.

*SP Angel acts as Nomad and Broker for Power Metal Resources

Premier African Minerals (PREM LN) 0.02p, Mkt Cap £2.7m – Imminent arrival of the flotation plant for the Zulu lithium project

• Premier African Minerals, which raised £1m earlier this year to install a new flotation plant at the Zulu lithium project in Zimbabwe reports that “following a short delay” it expects the plant to arrive on site tomorrow – 3rd March.
• The company confirms that “The specialist installation engineer from the manufacturer is expected to arrive on site on today. The Zulu team stands ready to begin assembly of the plant, as soon as it arrives, on the foundations already constructed with commissioning and optimisation alongside other specialists from the manufacturer scheduled for Q2 2026”.
• “This spodumene flotation circuit will replace the previous spodumene flotation circuit with the balance of the processing plant, ahead of the spodumene flotation circuit being retained”.
• Today’s announcement also comments on “the recent announcement by … [Zimbabwe’s Ministry of Mines and Mining Development] … regarding the suspension of lithium concentrate and raw mineral exports with immediate effect … [and confirms that Premier African Minerals is] … maintaining dialogue with the Ministry”.
• The company confirms its alignment with the Government’s objectives for resource beneficiation and says that it understands the suspension relates to “specific issues, and … [says that) …we do not consider that it will create and problems for future production from Zulu”.

Conclusion: Progress on flotation plant for the Zulu lithium project as discussions continue with the Zimbabwean Government on lithium concentrate exports.

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

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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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