SP Angel . Morning View . Monday 10.11.25

MiFID II exempt information – see disclaimer below

Caledonia Mining (CMCL LN) – Q3 results confirm uprated 2025 production guidance and flag imminent release of Bilboes feasibility work

Ferrexpo (FXPO LN) – Power supply disruptions following missile strikes

Kazera Global (KZG LN) – £1.3m raise

Ionic Rare Earths (IXR AU) – Recycling tech MOU

Landore Resources (LND LN) – Corporate reorganisation

New Frontier Minerals* (NFM LN) – Drilling at Harts Range for heavy rare earths

Rainbow Rare Earths (RBW LN) – Rainbow add Yttrium to list of REEs to be recovered from Phalaborwa resource in South Africa

Serra Verde PRIVATE - $465m loan from the US government (FT)

SolGold (SOLG LN) – Tandayama América drilling continues to intersect near-surface mineralisation to support early open-pit mining

Strategic Minerals* (SML LN) – Tin assay results from the first hole at Redmoor underline the predominance of tungsten

Tertiary Minerals* (TYM LN) – £450,000 convertible facility to fund optionality to expand drilling at Mushima North and for working capital

Gold jumps to $4,086/oz on rising potential for Fed rate cut

• Gold remains a favoured currency for funds looking to move away from the US dollar on increasing potential for Fed rate cuts
• Falling consumer sentiment along with lower economic growth appears to be favouring gold following Friday’s softening of the US Tech market.
• A slowdown in European manufacturing in Europe and Asia may also serve to persuade policymakers to follow the US Fed in slashing interest rates.
• Gold ETF investment reversed declines to rise to 97.2moz vs 97.1moz on Friday.
• Prices gained 2% this morning but have someway to go to rescale the $4,382/oz peak seen on 21st October.

IG TV Commodity Corner (4/11/1015): https://www.youtube.com/live/1dgNycx2o4U?si=7nWx4N9VXXyIe4Ap&t=6274 

ii TV - Macro trends, indicators, small caps.

• Precious metals, gold and copper : https://youtu.be/41MBzeI8M4s?si=MY1uIg-iTZwBH5Bh
• FTSE 100 stocks, small-cap and lithium: https://youtu.be/mLPY874joJs?si=8bzipl1DPW_SSe7H

Economics

US – Expectations for an end to the longest US shutdown lifted market risk sentiment.

• The Senate is getting closer to get the deal through reopening the government as a group of moderate Democrats agreed to support a compromise plan.
• The plan would keep the government funded through January.
• It would also reverse recent lay-offs and guarantee that furloughed workers receive backpay.
• Democrats agreed to make a concession on healthcare tax credits that was a key sticking point in funding negotiations.

China – Beijing suspended previously announced ban on exports of gallium, germanium and antimony to the US for just over a year.

• China restricted exports of the three metals between August 2023 and September 2024.
• China singled out the US for an outright ban last December in response to restrictions on semiconductor exports.
• The suspension of the ban will last until November 27 2026, the Commerce Ministry said.
• Although, three metals to remain on the dual-use export control list that would require export licenses from Beijing.
• Additionally, the Ministry said a stricter regime of check for exporters of dual-use graphite to the US will be suspended.

China - to raise demand though increasing SME profits / higher wages, paid leave / holidays and subsidies for trade-ins, consumer goods and spending on sports and cultural events 

China appears to be taking the issue of boosting domestic consumption seriously and is taking steps towards firming up domestic demand.

• We suspect this is much to do with American pressure as the need to find consumers for many of the 10m EVs and other goods it expects to produce this year.

Boosting incomes and financial security 

• Increase wages: the CCP appears to want to promote "reasonable" wage growth and improve the system for adjusting minimum wages,
• Paid leave: Strictly enforce policies on paid annual leave to give people more time for leisure and spending,
• Support households: Stabilize the equity and property markets to grow household wealth and confidence, 

Encouraging spending on specific sectors 

• Boost services: Focus on developing services like childcare, elderly care, tourism, and entertainment by extending operating hours for sites and holding more events,
• Promote new technologies: Foster consumption through emerging technologies like AI, autonomous vehicles, smart wearables, and robotics,
• Support specific industries: Encourage growth in areas like animation, online gaming, and esports, 

Direct financial incentives 

• Consumer subsidies: Continue and expand subsidies, such as those for trading in old appliances for new ones,
• Reduce financial burdens: Provide subsidies for childcare, which has been cited as a major financial burden for young adults, 

Improving the consumption environment 

• Ease restrictions: Reduce restrictions on certain purchases, such as automobiles,
• Boost rural incomes: Address imbalances by boosting incomes in rural areas and promoting local economic opportunities, such as through snow and ice tourism,
• Infrastructure development: Support the services sector through investment in infrastructure and credit, 

UK – Government considering pay-per-mile tax for electric cars

• The UK government has long known that the move to electric vehicles will require a chance in taxation.
• Last year the UK raised ~£25bn in fuel duty on petrol and diesel at a standard rate of 52.95p/ltr.
• Plus, another ~£7.8bn in Vehicle Excise Duty.
• It’s difficult to charge duty on electricity for charging EVs so the only practical solution is to move to Pay-per-mile.
• We wouldn’t be surprised to see the government hit drivers with a 3-4p per mile duty to start, on top of other, existing duties.
• The scene will also be set for further rises in the pay-per-mile duty in future budgets.
• The tax will likely be levied on odometer readings at annual MOT inspections.
• Used car dealers used to be adept at reversing odometers but modern cars are less easy to rewind.
• But if you buy a used car where the seller has used a ‘mileage blocker’ then you will be in for an expensive shock when the blocker is disconnected and the odometer rises to its real mileage.

£10bn of mainly hyperscale data centres planned for London in three major schemes

• The National Grid estimate data centres now account for more than half of new electricity connection applications, with 19 GW of new facilities planned over the next five years.
• The new data centres will soak up ~1/3rd UK current peak electricity demand.
• Ofgem reports contracted grid connection requests have risen to 125GW from 41GW since November 2024, with transmission demands increasing by 80GW.
• A recent poll of 50 UK data centre developers showed >75% are exploring overseas sites due to delays of up to eight years for grid connection according to consultancy, Roadnight Taylor.

Currencies

US$1.1579/eur vs 1.1538/eur previous. Yen 154.05/$ vs 153.42/$. SAr 17.211/$ vs 17.377/$. $1.318/gbp vs $1.311/gbp. 0.653/aud vs 0.648/aud. CNY 7.118/$ vs 7.122/$.

Dollar Index 99.49 vs 99.82 previous.

Precious metals:

Gold US$4,081/oz vs US$4,005/oz previous

Gold ETFs 97.2moz vs 97.1moz previous

Platinum US$1,580/oz vs US$1,551/oz previous

Palladium US$1,407/oz vs US$1,392/oz previous

Silver US$50.0/oz vs US$48.7/oz previous

Rhodium US$8,075/oz vs US$8,075/oz previous

Base metals:   

Copper US$10,786/t vs US$10,729/t previous

Aluminium US$2,884/t vs US$2,854/t previous

Nickel US$15,135/t vs US$15,090/t previous

Zinc US$3,087/t vs US$3,061/t previous

Lead US$2,059/t vs US$2,041/t previous

Tin US$36,095/t vs US$35,765/t previous

Energy:           

Oil US$64.3/bbl vs US$64.1/bbl previous

• The US Baker Hughes rig count rose by 4 to 548 units last week (-37 or 7% y/y), with oil rigs flat at 414 units (-65 y/y) and gas rigs up 3 to 128 units (+26 y/y), with Louisiana adding 2 rigs w/w to 43 units (+10 y/y).

Natural Gas €31.4/MWh vs €31.6/MWh previous

Uranium Futures $76.8/lb vs $77.3/lb previous

Bulk:   

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

Chinese steel rebar 25mm US$442.7/t vs US$442.8/t

HCC FOB Australia US$196.5/t vs US$196.5/t

Thermal coal swap Australia FOB US$113.9/t vs US$115.0/t

Other:  

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

NdPr Rare Earth Oxide (China) US$77,694/t vs US$76,031/t

Lithium carbonate 99% (China) US$11,380/t vs US$11,092/t

China Spodumene Li2O 6%min CIF US$960/t vs US$940/t

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

China Tungsten APT 88.5% FOB US$703/mtu vs US$703/mtu

China Tantalum Concentrate 30% CIF US$94/lb vs US$94/mtu

China Graphite Flake -194 FOB US$400/t vs US$395/t

Europe Vanadium Pentoxide 98% US$5.6/lb vs US$5.5/lb

Europe Ferro-Vanadium 80% US$23.8/kg vs US$23.8/kg

China Ilmenite Concentrate TiO2 US$270/t vs US$270/t

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

China Rutile Concentrate 95% TiO2 US$1,103/t vs US$1,102/t

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

Brazil Potash CFR Granular Spot US$355.0/t vs US$355.0/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

Sakuu proves commercial viability of 3D-printed battery electrodes

• US battery innovator, Sakuu, has demonstrated that its Kavian platform can 3D-print nickel-cobalt-manganese (NCM) battery electrodes that retain 83% charge after 4,000 cycles, up to double the life of typical NCM Li-ion cells.
• The dry-printed NCM811 cathode shows performance equal to or better than conventional wet-coated electrodes, marking a key step toward mass-market adoption.
• Kavian’s dry-printing process eliminates toxic solvents and water, cuts CO2 emissions by 55%, reduces factory footprint 60%, and lowers capex 20%.
• The platform can print cathodes and anodes in NCA, NCM, LFP, LTO, graphite and silicon-graphite chemistries, and can adapt to aluminum-ion, sodium-ion and solid-state formulations.
• Sakuu has begun shipping dry-electrode material to early customers and is preparing to scale production for both Li-ion batteries and supercapacitors.

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Company news

Caledonia Mining (CMCL LN) 2,070p, Mkt Cap £390m – Q3 results confirm uprated 2025 production guidance and flag imminent release of Bilboes feasibility work

• Reporting results for the 3 months to 30th September, Caledonia Mining has announced an after-tax profit of US$18.7m (Q3 2024 -US$3.3m) bringing YTD to US$53.4m (2024 – US$15.5m).
• The financial result reflects quarterly production of 19,106oz of gold at an all-in-sustaining cost (AISC) of US$1,937/oz of gold sold from its Blanket gold mine in Zimbabwe (Q3 2024 – 18,992oz at an AISC of US$1,501/oz) bringing year to date production to 58,846oz at an AISC of US$1,848/oz (2024 – 56,815oz at AISC of US$995/oz).
• During the quarter the company sold 20,355oz of gold from the Blanket mine at and an additional 437oz from the Bilboes project realising total quarterly revenue of US$71.4m and US$192.9 for the YTD.
• The increased revenue reflects “a 40% increase in the average realised price of gold sold and a 8.7% increase in ounces sold”.
• The company reports a closing cash balance of US$15.7m.
• Caledonia Mining confirms that “On-mine production cost per ounce sold increased by 16.3% compared to the comparative quarter driven by higher labour and consumable costs incurred due to additional tonnes processed during the Quarter to compensate for lower grade achieved”.
• Full year production guidance is reaffirmed at the upgraded range of 75,500-75,900oz at an expected AISC in the range US$1,850-1,950/oz sold with capex expected to be US$41m.
• The capital spending includes a total of US$34.1m of sustaining and non-sustaining capital spending at the Blanket mine including “mine development to provide access to new mining areas and the completion of the new tailings storage facility”.
• CEO, Mark Learmonth, described “solid operational and financial results at Blanket … [which reflect the company’s continuing] … focus on stable production and disciplined capital investment as we seek to modernise operations and improve mining efficiency at Blanket”.
• He also acknowledged that the “strong gold price environment, which increased 40% to average $3,434 per ounce, combined with higher production has resulted in a 52% increase in quarterly revenue and a significant uplift in free cash flow”.
• Caledonia Mining confirms that it expects highlights of the feasibility study on its Bilboes project located approximately 75km north of Bulawayo to be “released imminently” with the full study expected to be available by the end of November.
• Planned capital spending includes US$5.8m of planned exploration at the Bilboes and Motapa projects including over 25,000m of reverse-circulation drilling and 1,780m of core drilling at Motapa.
• The company explains that Motapa’s location adjacent to Bilboes may provide “significant synergies … should a viable resource body be identified through the planned exploration programme”.

Conclusion: Blanket mine remains on track to achieve the production guidance range of 75,500-79,500oz. Highlights of the Feasibility Study for the Bilboes project are expected to become available soon with the detailed study expected by the end of November.

*SP Angel mining analysts have visited Caledonia’s mining operations in Zimbabwe

Ferrexpo (FXPO LN) 52.6p, Mkt Cap £309m – Power supply disruptions following missile strikes

• The Company reports power supply disruptions to its operations following attacks on Ukrainian energy infrastructure over the weekend.
• On Saturday morning, missiles hit energy transmission targets in Horishni Plavni, the mining city where Ferrexpo is situated, and the larger nearby industrial city of Kremenchuk.
• As a result power supply was cut to and operations were suspended at Ferrexpo Poltava Mining and Ferrexpo Yeristovo Mining.
• No fatalities or injuries were recorded.
• The Company is planning to minimise disruption using stockpiles.
• Over the weekend, a limited amount of power has been restored with further efforts to ramp up to capacity continuing.

Kazera Global (KZG LN) 1.4p, Mkt Cap £14m – £1.3m raise

• The Company raised £1.3m at 1.5p to progress its portfolio of heavy mineral sans (Whale Head Minerals) and diamond assets (Deep Blue Minerals) in South Africa.
• Proceeds to be used for:
  • Scale HMS throughput with plant upgrades and additional spirals to nearly triple production, raising concentrate quality and lifting realised prices;
  • Enhance diamond recovery with new equipment to recover larger stones and rise throughput by 50%;
  • Improve logistics and site efficiency including warehouse facilities, vehicles, road maintenance and security;
  • Working capital.
• Production enhancing initiatives are expected to be completed 1Q26.
• The issue price represents a 7% premium to the last close.
• Each share carried a 3-for-2 warrant exerciseable at 2.5p over 12 months.

Ionic Rare Earths (IXR AU) A$0.02, Mkt Cap A$101m – Recycling tech MOU

• The Company signed a non binding MOU with Missouri based US Strategic Metals.
• IonicRE to provide its patented RE permanent magnet recycling technology to USSM.
• Two companies to explore opportunities to develop a vertically integrated REE production from recycling at USSM’s ~728ha fully permitted site in Missouri, US.

Landore Resources (LND LN) 4.3p, Mkt Cap £15m – Corporate reorganisation

• Landore reports a corporate reorganisation with the amalgamation of wholly owned Landore Resources Canada and “its majority-owned interest in Lamaune Iron Inc” into Landore Resources Canada.
• The transaction unifies ownership of the Junior Lake Property, which hosts the BAM project, and the contiguous Lamaune Gold prospect and the Lamaune Magnetite Iron Project located NE of Thunder Bay, Ontario.
• Welcoming the amalgamation, CEO, Alexander Shaw, said that as well as simplifying the corporate structure, it “will add further ounces to Landore's gold inventory making it a highly attractive and exciting exploration target and will provide additional options when developing BAM”.
• We understand that BAM hosts an MRE, from 2022, of:
  • 31mt at 1g/t Au for 1moz Indicated
  • 18mt at 0.8g/t Au for 0.5moz Inferred
• Landore completed 14 holes over 3,549m over the summer at BAM East and West, which demonstrated the potential to expand the resource whilst highlighting higher-grade shoots at depth and to the west.
• Landore is aiming to update the updated MRE in 4Q25.

New Frontier Minerals* (NFM LN) 1.08p, Mkt Cap £18m – Drilling at Harts Range for heavy rare earths

• New Frontier Minerals report the receipt of regulatory approvals for drilling at the Harts Range Heavy Rare Earth and Niobium project 140km NE of Alice Springs, Australia.
• The planned drill campaign includes up to 46 (2,500m) reverse circulation drill holes to target anomalies defined through geophysics, mapping and surface geochemistry.
• The campaign is designed to follow up on surface samples of heavy rare earth mineralisation, with particular attention to dysprosium and terbium.
• Management expect to shortly receive metallurgical test-work results from the 25kg bulk sample being analysed for potential rare earth processing.
• US OTCQB listing: management have applied to list on the US OTCQB market.

Conclusion: Management are rightly following up on identification of heavy rare earths in surface samples at Harts Range. We look forward to the results from the metallurgical test work and any early indications from the first drilling.

*SP Angel acts as broker to New Frontier Minerals

Rainbow Rare Earths (RBW LN) 18.72p, mkt Cap £120m – Rainbow add Yttrium to list of REEs to be recovered from Phalaborwa resource in South Africa

• Rainbow Rare Earths have added Yttrium to the list of rare earth oxides to be processed and refined at the Phalaborwa project in South Africa.
• The addition of Yttrium adds a significant and valuable rare earth into the products to be refined into rare earth oxides from the Phalaborwa project.
• As a result the MRE ‘Mineral Resource Estimate’ has been expanded
• Yttrium was added to China’s export control list in April highlighting its strategic significance and is also on November’s USGS 2025 List of critical minerals.
• Rainbow is also working on a PEA for the similar phosphogypsum residue jv project at Uberaba in Brazil which has potential for SEG+ REEs.
• China export controls currently apply to: samarium, gadolinium, terbium, dysprosium, lutetium, scandium and yttrium and magnets containing these metals.
• Phalaborwa is expected to produce:
  • NdPr oxide ~1,817tpa of 99.5% NdPr oxide
  • SEG+ ~1,159tpa of 99.5% (samarium, europium, gadolinium)
    • MREC ‘Mixed Rare Earth Carbonate’ product containing 719 tpa TREO.
    • Note: the SEG+ product has not been converted into oxide form so the 1,159tpa is in carbonate form. The mass reduces to a 62% Rare Earth Oxide on heating eg: 719tpa.
  • Samarium (Sm2O3) 258
  • Europium (Eu2O3) 51
  • Gadolinium (Gd2O3) 241
  • Terbium (Tb4O7) 19
  • Dysprosium (Dy2O3) 50
  • Yttrium (Y2O3) 213
• Management have noted significant pick-up in demand for yttrium and gadolinium since the export controls were imposed, based on incoming off-take enquiries.

Conclusion:  It is natural to add further oxide products to the list of REE oxides to be refined from the Phalaborwa oxides. We would expect further rare earths to be potentially added to the list of products once the refining process is confirmed and commissioned. Yttrium is increasing by the US as critical / valuable due to its use for defence applications etc.

Serra Verde PRIVATE - $465m loan from the US government (FT)

• The US Development Finance Corporation approved a $465m loan to Serra Verde earlier in August, FT quotes DFC filings.
• The Company is ramping up production at the Pela Ema REE mine in Goias, Brazil, and is targeting to produce 4.8-6.5ktpa REOs by early 2027.
• The loan will partly cover mine upgrades.
• Commercial production was launched last year.
• “When at-scale separation of heavy rare earths becomes a reality outside Asia in the next two or three years, we will be in position to supply product to these plants,” Serra Verde CEO commented.

SolGold (SOLG LN) 19.4p, Mkt Cap £547m – Tandayama América drilling continues to intersect near-surface mineralisation to support early open-pit mining

• SolGold has released further drilling results from its campaign at the Tandayama América project, located in the Cascabel Licence around 3km north of the deeper Alpala deposit.
• Today’s announcement confirms that Solgold plans “to release an indication of the initial resource endowment at Tandayama in the coming weeks. As part of this mineral resource estimate, the work will also include conceptual pit definition and initial project parameters”.
• The current open-pit mineral resource (November 2023) at Tandayama América hosts an ‘Indicated’ resource of 492mt at an average grade of 0.22% copper and 0.20g/t gold plus an additional ‘Inferred’ resource of 45mt at an average grade of 0.18% copper and 0.18g/t gold.
• The drilling reported today includes results from:
  • Hole TAD25-072 which intersected 153.7m at an average grade of 0.19% copper and 0.27g/t gold (reported on a copper equivalent, CuEq, basis as 0.42%) from a depth of 18.63m including 83.37m at an average grade of 0.25% copper and 0.35g/t gold from 18.63m depth; and
  • Hole TAD25-073 which intersected 130.0m at an average grade of 0.31% copper and 0.27g/t gold (0.54% CuEq) from a depth of 16m including 42m at an average grade of 0.40% copper and 0.44g/t gold from 52m depth; and
  • Hole TAD25-074 which intersected 160.5m at an average grade of 0.38% copper and 0.46g/t gold (0.77% CuEq) from a depth of 11.5m including 92m at an average grade of 0.40% copper and 0.52g/t gold from 11.5 depth.
• Today’s announcement confirms that mineralisation remains “open in several directions … [further confirming] … Tandayama-América as an increasingly important component of the larger Cascabel copper-gold project”.
• Drilling is continuing with over 2,400m completed across 8 holes in the current campaign so far and with results expected from holes 76 and 77 expected later this month.
• The presence of extensive near-surface mineralisation capable of supporting open-pit mining close to Alpala is emerging as a key component of Solgold’s strategic plan enabling production to be accelerated from open pit mining while the underground mining infrastructure is developed for Alpala.
• CEO, Dan Vujcic said that the continuing drilling results “strengthen our confidence that Tandayama will soon be validated to have sufficient mineral resources to support open pit mine development, enabling production within two to three years of receiving approvals”.
• He explained that “Tandayama gives us not only real optionality, but also significantly accelerates and de-risks our Cascabel project with two sources of ore in the critical early years”.
• Mr. Vujcic clarified that the “ability to develop the two operations allows SolGold to create value faster, with less risk and, most importantly, earlier with reduced start-up capital … [making] … Cascabel unique amongst development-stage copper-gold projects not only in Ecuador but globally”.
• Putting the planned development into context, today’s announcement explains that “While Alpala represents a large-scale, long-life underground operation, Tandayama provides the potential for a low-strip-ratio, lower-capex, near-surface open pit capable of supplying early-stage mill feed and cash flow to support Cascabel's broader development and future for underground resource potential … [giving Solgold] … strategic flexibility - enabling phased development, accelerated value realization, and enhanced overall project economics”.

Conclusion: Continuing drilling at Tandayama América is identifying additional, near surface, mineralisation which offers an opportunity for early production at Cascabel as Solgold works to develop the nearby underground Alpala deposit.

Strategic Minerals* (SML LN) 1.8p, Mkt Cap £41m – Tin assay results from the first hole at Redmoor underline the predominance of tungsten

• Strategic Minerals has released tin assays from the first hole (CRD-033) of its current drilling campaign at the Redmoor project in Cornwall.
• On 13th October, the company released assays for tungsten trioxide and copper for the hole, which was drilled at an angle of 65⁰ towards the SSE (azimuth 161⁰) “confirming multiple zones of high-grade tungsten mineralisation throughout the full 90 m thickness of the Redmoor Sheeted Vein System which hosts the initial ‘Inferred’ mineral resource of 11.7mt at an average grade of 0.56% tungsten trioxide, 0.16% tin and 0.50% copper released in 2019.
• The tin assays for hole CRD-033 released today and the updated tungsten trioxide equivalent grades after the addition of the tin content include:
  • 4m from “Lode-Style Cu Mineralisation … outside of the Redmoor SVS”  at an average grade of 0.39% tin, 0.01% tungsten trioxide and 0.01% copper from 118m depth, including 2m averaging 0.54% tin (reported as 0.45% on a tungsten trioxide equivalent basis} from 118m depth; and
  • 7.6m at an average grade of 0.32% tin and 0.02% copper and 0.01% tungsten trioxide from 227.40m depth; and
  • 3.05m averaging 1.43% tungsten trioxide, 0.54% copper and 0.04% tin within the SVS from 439.70m; and
  • 6.70m averaging 1.17% tungsten trioxide, 0.24% copper and 0.02% tin within the SVS from 447.00m depth; and
  • 9.35m averaging 0.51% tungsten trioxide, 0.48% copper and 0.15% tin within the SVS from 468.65m depth; and
  • 3.40m averaging 1.24% tungsten trioxide, 0.12% copper and 0.02% tin within the SVS from 493.00m depth; and
  • 10.20m averaging 0.05% tungsten trioxide, 0.72% copper and 0.02% tin within the SVS from 531.80m depth; and
  • A single metre from 562.00m assaying 2.33% tungsten trioxide, 0.43% copper and 0.13% tin; and
  • 4.25m averaging 0.05% tungsten trioxide, 0.18% copper and 0.17% tin in “Skarn-Style Sn Mineralisation” from 589.75m depth.
• The identification of “additional mineralised structures, particularly enriched in tin, outside of the Redmoor SVS” including over a 4m interval from 118m depth, 2m from 231.90m depth, 1.30m from 370.3m depth and over single metres at 469.65m and 591.00m point to further mineral potential which may have previously been underrecognised.
• The addition of the newly released tin content to the tungsten-trioxide equivalent estimates, which use the “12-month rolling price (Oct-2024 to Sep-2025) of WO₃ (APT Europe) = US$430/mtu⁵, Sn = US$32,525/t, Cu = US$9,429/t”, underline Redmoor’s position as what the company describes as “the highest grade, undeveloped tungsten deposit in Europe”.
• Dennis Rowland of the operating company at Redmoor, Cornwall Resources, explained that “The tungsten equivalent calculations demonstrate the potential for additional value from co-products and reinforce the fact tungsten is the primary economic driver at Redmoor”.
• Mr. Rowland said that results are “expected from drill hole CRD034 shortly … with the ongoing drilling programme progressing towards completion”.
• Reinforcing Redmoor’s identity as primarily a tungsten project, Strategic Minerals’ Director, Mark Burnett, pointed out that the tungsten equivalent estimates use prices which have “increased significantly since the scoping study was undertaken at Redmoor in 2020”.
• Mr. Burnett said that “The generation of a tungsten equivalent indicates the significant potential additional value contribution from these co-products and on a tungsten equivalent basis highlight Redmoor as one of the very highest-grade tungsten deposits globally.”

Conclusion: Inclusion of tin assays for the first hole of the current drilling campaign underline the tungsten significance of the project which Strategic Minerals describes as Europe’s highest grade deposit.

*SP Angel acts as Nomad and broker to Strategic Minerals

Tertiary Minerals* (TYM LN) 0.065p, Mkt Cap £3.2m – £450,000 convertible facility to fund optionality to expand drilling at Mushima North and for working capital

• Tertiary Minerals have signed up for a 3-year £450,000 convertible loan note facility to fund further exploration at their Mushima North project in Zambia
• The company will drawdown in two equal tranches within the next two weeks with a drawn down fee of 5% of the loan value and a Coupon of 15%pa.
• First conversion will be 0.096p/s with the second conversion at 160% of the closing bid price of the shares on the last business day of the twelfth month of the agreement (see RNS for further details).
• Tertiary is giving 37,500,000 in fee shares shares to the lender at 0.06p
• Funding will be used to support the on-going exploration programmes Mushima North, and for working capital.
• The money should give “increased optionality to expand and accelerate the drill programme as required and bring forward additional supportive programmes to de-risk the project's development.”
• Tertiary is drilling 1,000m at Mushima North and has completed 239m so far to test for:
  • further lateral extensions of the grade silver and copper mineralisation seen in drillhole 25TMNAC-038,
  • potential continuity of mineralisation between wider-spaced drill lines,
  • depth extensions of the known mineralisation up to 150m vertically.
• Mineralogy: management are also looking at initial mineralogical work to understand characterisation and styles of mineralisation as a prelude to more detailed metallurgical studies.

*SP Angel acts as Nomad and Broker to Tertiary Minerals

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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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.