SP Angel . Morning View . Monday 12.01.26

MiFID II exempt information – see disclaimer below

LSEG StarMine Award for Most Accurate Forecasting in Reuters Polls: - SP Angel ranked No1 for Precious Metals in the 2025

Brightstar Resources (BTR AU) – Lord Byron MRE as Goldfields Hub FID due

Great Southern Copper (GSCU LN) – Completion of Phase 3 drilling at Cerro Negro, Chile

GreenX Metals (GRX LN) – Singapore International Commercial Court rejected Poland's application to set aside the £252m Energy Charter Treaty award

Great Western Mining (GWMO LN) – Appointment of Ed Loye as CEO

Mkango Resources* (MKA LN) - BUY – Studies to 3x planned HyProMag USA production capacity by 2029

Lucara Diamonds (LUC CN) – C$70m placing from Lundin Family to advance Karowe Underground Project

Sandfire Resources (SFR AU) – Production results as MATSA improves on higher grade ore

Savannah Resources* (SAV LN) – BUY, 18.5p – Approval of up to €110m government grant

Unity Metals* (UM1 AU) – Unity Metals lists on the ASX today

Gold ($4,587/oz) hits record high as US prosecutors launch criminal investigation into J Powell

• Gold prices jumped 1.7% overnight, hitting record highs of $4,601/oz in the spot market.
• Silver rose 6% to $84/oz, whilst platinum and palladium are also both up >3%.
• This followed an announcement from Fed Chair Jerome Powell that US prosecutors have started a criminal investigation of a renovation of the Fed headquarters.
• The move follows a consistent theme through 2025 of Trump attempting to erode the independence of the Federal Reserve.
• Gold has been a key beneficiary of concerns of Fed independence.
• By removing the autonomy of the Fed, Trump would further aggravate concerns over the dollar’s role as the global reserve currency and the safe-haven status of US Treasuries.
• US Treasury yields jumped as traders continue to sell off US government debt, with the US 10 year climbing to 4.2%.
• Trump has been calling for the Fed to lower rates, insisting that Powell’s replacement follows his suggestions for rate cuts.
• Trump loyalist Miran has already shown the impact of increased White House influence on the FOMC, with aggressively dovish calls through 2H25.
• Further tensions between the Fed Chair and the White House should continue to support gold prices, alongside escalating geopolitical tensions between China-US following the removal of Maduro from Caracas.
• China has been a key buyer of gold and a major tailwind behind this rally, both from a central bank and retail perspective.
• Trump’s direct challenge of Chinese influence in Venezuela, long-considered a future source of Chinese oil reserves, raises the likelihood of additional de-dollarisation from Beijing, with gold positioned as a key beneficiary
• Metals prices are helped today by a further weakening of the US dollar index to 98.78 vs 99.04 on Friday
• Gold surpassed US bonds as the largest share of global central bank assets for the first time in 30years following last year’s rise in prices.
• Foreign ownership of US Federal government bonds has fallen to 31% from 56% in 2008.

Tin prices gap higher to $46,225/t from $45,560/t as traders scramble for metal and concentrates

• The prices hit $48,500/t with some trade selling overnight.
• Supply constraints and strong industrial demand. 
• Indonesia closed around 1,000 informal small-scale and artisanal tin mines and seized six tin smelters
• Demand is forecast to rise to ~425,000tpa from 358,000t in 2023 according to the ITA ‘International Tin Association‘
• There is ongoing strong industrial demand for solders in circuit boards and solar panel connections and semiconductor components.
• Supply: Shipments from Myanmar’s Man Maw mine remain uncertain despite new permits to mine in three areas
• China crackdown on illegal tin mining initiated by multiple government agencies in late last year following a number of deaths is expected to lead to further tightening of tin concentrate in the market
• Protests and potential revolution in Iran may prompt further disruption in Myanmar where tensions against the ruling military regime are rising.
• Myanmar is the world’s third largest tin producer holding around 15% of total global tin reserve.
• The tightening of concentrate supply will also lead to further tightening of the markets for gallium, germanium and possibly some other rare earths.
• Deficit: its difficult to calculate the deficit in tin but it looks like 2004 saw around a 5,000t deficit with The Oregon Group looking for this to potentially grow to a deficit of around 20,000t this year and maybe 40-50,000t in 2030.

IG TV - Copper, Silver and the New Commodities Cycle | Commodity Markets Weekly:  https://youtu.be/mdU5EEjc3Z8?si=BjTihCKKoeKlYHYn

Currencies

US$1.1689/eur vs 1.1646/eur previous. Yen 157.73/$ vs 157.62/$. SAr 16.410/$ vs 16.567/$. $1.346/gbp vs $1.342/gbp. 0.670/aud vs 0.668/aud. CNY 6.974/$ vs 6.983/$

Dollar Index 98.78 vs 99.04 previous

Economics

US – Jerome Powell is under a criminal investigation over a $2.5bn renovation of the Fed headquarters.

• Powell said on Sunday that the Fed received grand jury subpoenas and a threat of criminal indictment from the justice department.
• Powell said allegations relate to his testimony before Congress last summer about the renovation.
• Fed Chair commented that the investigation is a result of “the Federal Reserve setting interest rates based on our best assessment of what will serve the public, rather than following the preferences of the president”.
• Powell has responded by suggesting Trump is really driven by the Fed not lowering interest rates fast enough.
• DOGE: US withdrew from 31 UN entities and 35 non-UN groups last week
• The US Supreme Court could rule on the legality of President Trump’s tariffs imposed under the International Emergency Economic Powers Act today.
• US Oct trade deficit was US$29.4bn, the lowest monthly since 2009 as imports fell 3.2%
• Gold and bond yields climbed on the news while the US$ index fell.

NFPs released on Friday came short of expectations with unemployment rate surprisingly coming down.

• NFPs (Dec / Nov / Est): 50k / 56k (revised from 64k) / 70k
• Unemployment Rate (Dec / Nov / Est): 4.4% / 4.5% (revised from 4.6%) / 4.5%
• Av Hourly Earnings (%mom, Dec / Nov / Est): 0.3 / 0.2 (revised from 0.1) / 0.3
• Av Hourly Earnings (%yoy, Dec / Nov / Est): 3.8 / 3.6 (revised from 3.5) / 3.6

Iran – Protests continue with a number of casualties rising as the US is told be watching developments closely.

• Earlier President Trump said he was considering a military operation in Iran amid a crackdown on nationwide protests.
• Estimates suggest that between 200 and 500 people have been killed since demonstrations started in late December.
• Trump commented on the situation on Saturday writing “Iran is looking at FREEDOM, perhaps like never before… the USA stands ready to help!!!”
• Internet blackout remains in place since Thursday.
• Trump said he would speak with Elon Musk about restoring internet in Iran using Starlink.

Security forces Killing of protestors increasingly likely to lead to regime change

• Iran imposed a total blackout on the internet on Friday prompting further unrest across the nation.
• Iranian’s are reported to be using mobile communications and Starlink to upload videos of protests as the regime clamps down on communication.
• Increased killing of protestors by Iranian Security forces and possibly the IRGC Islamic Revolutionary Guard Corps may lead to outright revolution.
• Reports range from 500 to thousands.
• Trump has warned the government not to kill protestors and indicating the US may take action.
• Iran has threatened Israel. It is their way to try to distract and deflect internal dissent.
• If the US bombs facilities in Iran, oil and gold prices will likely push higher.

US – Trump threatens Fed Govenor Jerome Powell with criminal indictment over ongoing renovations of the Fed’s headquarters

• Powell has responded by suggesting Trump is really driven by the Fed not lowering interest rates fast enough.
• DOGE: US withdrew from 31 UN entities and 35 non-UN groups last week
• The US Supreme Court could rule on the legality of President Trump’s tariffs imposed under the International Emergency Economic Powers Act today.
• US Oct trade deficit was US$29.4bn, the lowest monthly since 2009 as imports fell 3.2%

Europe – EU CBAM tariffs climate policy tariffs imposed as of 1st January

• The CBAM ‘Carbon Border Adjustment Mechanism’ are designed to equalize the carbon price between goods produced within the EU and imports from non-EU countries.
• The policy starts with iron, steel, aluminium, cement, fertilisers, electricity, hydrogen and some downstream products,and will expand to cover others by 2030.
• The tariffs should also push non-EU producers to decarbonize.
• Importers buy CBAM certificates corresponding to the carbon price paid for similar goods produced under the EU ETS ‘Emissions Trading System’.
• The policy is designed to meet WTO regulations with the EU offering support to some developing nations. 

Precious metals:         

Gold US$4,596/oz vs US$4,432/oz previous

   Gold ETFs 99.0moz vs 99.0moz previous

Platinum US$2,375/oz vs US$2,207/oz previous

Palladium US$1,881/oz vs US$1,736/oz previous

Silver US$84.2/oz vs US$75.1/oz previous

   Silver ETFs 853.0moz vs 853.0moz previous

Rhodium US$9,800/oz vs US$9,750/oz previous

Base metals:   

Copper US$13,211/t vs US$12,826/t previous

Aluminium US$3,168/t vs US$3,086/t previous

Nickel US$18,055/t vs US$17,160/t previous

Zinc US$3,176/t vs US$3,148/t previous

Lead US$2,057/t vs US$2,036/t previous

Tin US$47,775/t vs US$44,105/t previous

Energy:

Oil US$63.2/bbl vs US$63.2/bbl previous

• The US Baker Hughes rig count fell 2 to 544 units last week (-40 or -7% y/y), with oil rigs down 3 to 409 units (-71 y/y) and gas rigs down 1 to 124 units (+24 y/y), with 3 rigs departing Louisiana (40 units) and Utah adding 4 rigs to 17 units.
• Ukraine announced over the weekend that it had targeted three Lukoil-owned drilling platforms in the Caspian Sea as part of efforts to disrupt Russia’s revenue generation from energy exports

Natural Gas €29.4/MWh vs €29.4/MWh previous

Uranium Futures $82.7/lb vs $82.7/lb previous

Bulk:

Iron Ore 62% Fe Spot (Singapore) US$109.1/t vs US$109.1/t

Chinese steel rebar 25mm US$464.7/t vs US$464.6/t

HCC FOB Australia US$225.0/t vs US$225.0/t

Thermal coal swap Australia FOB US$107.3/t vs US$107.3/t

Other:  

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

NdPr Rare Earth Oxide (China) US$89,555/t vs US$89,553/t

Lithium carbonate 99% (China) US$20,234/t vs US$18,570/t

China Spodumene Li2O 6%min CIF US$1,790/t vs US$1,630/t

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

China Tungsten APT 88.5% FOB US$1,078/mtu vs US$1,078/mtu

China Tantalum Concentrate 30% CIF US$104/lb vs US$104/mtu

China Graphite Flake -194 FOB US$410/t vs US$410/t

Europe Vanadium Pentoxide 98% US$5.1/lb vs US$5.1/lb

Europe Ferro-Vanadium 80% US$24.1/kg vs US$24.1/kg

China Ilmenite Concentrate TiO2 US$262/t vs US$262/t

US Titanium Dioxide TiO2 >98% US$3,013/t vs US$3,013/t

China Rutile Concentrate 95% TiO2 US$1,126/t vs US$1,126/t

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

Brazil Potash CFR Granular Spot US$365.0/t vs US$365.0/t

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

China Gallium 99.99% US$390.0/kg vs US$390.0/kg

EV & Battery news:

EU to issue guidelines on Chinese EV minimum prices

• The EU will issue formal guidelines on how Chinese EV makers can submit minimum price commitments, which are being discussed as an alternative to punitive import tariffs.
• These talks follow the EU’s anti-subsidy investigation into Chinese EVs, which concluded that state support had allowed Chinese manufacturers to undercut European rivals on price.
• Under the tariff regime announced in 2024, Chinese EVs face additional duties of up to ~35%, on top of the EU’s standard 10% car import tariff, sharply raising costs.
• A minimum price mechanism would allow Chinese exporters to avoid or reduce tariffs if they agree not to sell below an EU-approved price floor, like past trade remedies used in sectors like steel and solar.
• China said it views the EU’s move as a step toward resolving the dispute, but key details, such as price levels, enforcement, and whether tariffs would be fully lifted, remain unresolved.

China to cut subsidies for solar and batteries

• China will cut export subsidies for solar panels and batteries in the coming months, a move mainly aimed at curbing domestic competition.
• Export VAT rebates for solar panels will be scrapped entirely and lower the rebate on batteries from 9% to 6%.
• The rebates on batteries with be cancelled in their entirety on 1st January.
• It is believed that the move will help to ease trade tensions with Europe.

Company News:

Brightstar Resources (BTR AU) A$0.54, Mkt Cap A$380m – Lord Byron MRE as Goldfields Hub FID due

• Australian gold developer Brightstar reports RC results and MRE update for the Lord Byron project.
• Brightstar has completed 22 RC holes over 2,000m for infill and southern extensions of the deposit.
• Down-dip and down-plunge extension drilling returned:
  • 9m at 3.5g/t Au from 138m (inc. 1m at 24.7g/t Au from 142m)
  • 4m at 6.7g/t Au from 128m and 2m at 14.5g/t Au from 148m
• Brightstar has now upgraded the Lord Byron MRE to:
  • 5.4mt at 1.5g/t Au for 267koz
• Management notes the southern lode remains open down-dip and along strike.
• 2026 exploration will focus on targeting the lode strike along strike to the south and at depth.
• Brightstar is targeting FID for the Goldfields Hub asset base in 1Q26, with a DFS nearing completion.
• The Company is targeting 70kozpa from Goldfields, for an NPV8 of A$542m at $4,000/oz
• Brightstar’s Laverton hub held 857koz at 1.7g/t Au in MRE, whilst the Menzies hub holds 589koz at 1.4g/t Au.
• Global ore reserves stand at 235koz at 1.7g/t Au.
• Brightstar has a stated aim to hit 200kozpa Au via the introduction of a 4-5mtpa processing facility at Sandstone (2.4moz at 1.5g/t Au).

Great Southern Copper (GSCU LN) 3.95p, Mkt Cap £26m – Completion of Phase 3 drilling at Cerro Negro, Chile

• Great Southern Copper reports the completion of its third phase of drilling at its Cerro Negro prospect in the Especularita project area in Chile.
• The work comprised 17 diamond drill holes over 2,923m and 6 reverse-circulation (RC) holes (1,032m) and the company says that it continues to “build upon the discovery of the high-grade copper-silver system at Mostaza and along the broader Mostaza Fault Zone ("MFZ") which extends over 2 km south of the mine”.
• Some assay results for the recent drilling “remain pending and are expected to feed directly into planning for the next phase of drilling across several high-priority targets”.
• Today’s announcement summarises the main achievements of the Phase 3 drilling including:
  • Extending the known mineralisation of the ‘Lens 2’ structure at Mostaza at depth and along strike; and
  • Raising the potential for “multiple "stacked" high-grade Cu-Ag lenses … at Mostaza”; and
  • The discovery, as part of the RC programme, of a new base metal lens at Mostaza and the identification of oxide and sulphide mineralisation in the wider MFZ.
• The company has previously announced the intersection of a 6.32m wide zone at an average grade of 1.39% copper and 98.2g/t silver from 82.3m depth in hole DD-029, including 0.69m, from 87.93m depth at a grade of 9.76% copper and 716g/t silver and a 1.1m wide intersection at an average grade of 8.92% copper and 715g/t silver from a depth of 96.5m in hole DD-031.
• Chief Executive, Sam Garrett, commented that “"Phase III has been our most ambitious and productive drilling programme so far at Cerro Negro, and it has delivered exactly what we hoped for: continued high-grade copper-silver hits, confirmation of stacked sulphide lenses, and strong indications that the broader Mostaza Fault Zone has the potential to host a larger mineralised system than originally recognised”.
• The announcement confirms that Gt Southern Copper “holds the option to acquire 100% of Especularita, including the Mostaza mine”.

Conclusion: Drilling at Cerro Negro continues to provide encouragement with follow-up drilling expected in 2026 once all the results from the Phase 3 work are available to inform the exploration planning.

GreenX Metals (GRX LN) 50p, Mkt cap £156m – Singapore International Commercial Court rejected Poland's application to set aside the £252m Energy Charter Treaty award

• The Singapore International Commercial Court, which rules on international Arbritration has rejected Poland's application to set aside a £252m Energy Charter Treaty award to GreenX.
• GreenX was previously awarded ~£252m in compensation and interest in the Australia-Poland Bilateral Investment Treaty award after the Tribunal unanimously held that Poland breached its obligations.
• The government of Poland also lodged a request to set-aside the ECT award in the Singapore Court in 2025 following a similar request in to set-aside the award in the UK in late 2024.
• Additional interest of ~£17m has already been accrued.
• Tannenberg (Germany):
• Recent re-assay of drill core from Tannenberg show significant copper intercepts with mineralisation similar to the Kupferschiefer shale horizon mined by KGHM in Germany.
• Assays from 1980s drill core:
  • Hole 23: 1.5 m at 2.7% copper and 55 g/t silver.
  • Hole 45: 2.4 m at 1.4% copper and 18 g/t silver.
  • Hole 25: 1.0 m at 2.0% copper and 41 g/t silver.
  • Hole 17: 1.3 m at 1.2% copper and 24 g/t silver.
  • Hole 15: 3.7 m at 1.2% copper and 17 g/t silver.
  • Hole 38: 1.8 m at 0.7% copper and 15 g/t silver.
• The assays show 1.0‑3.7m widths which are broader than the maximum thickness used in the 1940 Historical Estimate.

Conclusion:

*The analyst has previously visited the KGHM’s Lubin copper mine. An SP Angel analyst has visited Tannenberg in Germany.

Great Western Mining (GWMO LN) 1.4p, Mkt Cap £2.4m – Appointment of Ed Loye as CEO

• Nevada-based explorer Great Western Mining has appointed Ed Loye as CEO.
• Mr Loye has been working with Great Western as a geological consultant since mid-2025.
• His previous experience includes founding ReeXploration, which held the Eureka REE/uranium deposit in Namibia, and as a director at Geolithical Ltd, focused on strontium.
• He holds MScs in Mining Geology and Applied Mineralogy and has held senior roles at Camborne School of Mines.
• Mr Loye states he looks forward to ‘advancing these strategically important projects in the months ahead and building long-term value for shareholders.’

Mkango Resources* (MKA LN) 43p, Mkt Cap £145m – Studies to 3x planned HyProMag USA production capacity by 2029

BUY

• HyProMag USA, a 50/50 JV Maginito/CoTec (Maginito is owned 79/21 Mkango/CoTec), completed expansion concept studies to triple NdFeB magnet and powder production in the US by 2029.
• The Company envisages growth in potential capacity to 4,656tpa NdFeB, from 1,552tpa.
• Expansion scenario delivers:
  • Post tax NPV7 and IRR $1,143m and 28% at current market prices (up on $409m and 28% estimated for 1,552tpa production scenario)
  • Post tax NPV7 and IRR $2,180m and 39% at forecasted prices (up on $780m and 39%)
• Studies build on recently completed Class 2 AACE capital cost estimate as part of Detailed Design for the Texas Hub (1,552tpa NdFeB using three HPMS units).
• The plan is for commissioning of three REE recycling and magnet/co-product manufacturing facilities between 2027 and 2029.
• New facilities planned in South Carolina and Nevada in addition to production in Texas, co-located with Intelligent Lifecycle Solutions (ILS) facilities.
• HyProMag has a feedstock supply agreement with ILS, a global recycling business processing electronic waste.
• The plan is to develop fully integrated NdFeB powder/sintered blocks/magnet finishing/packaging facilities in three locations.
• Total payable production to comprise 2,823tpa recycled sintered magnets and 1,833tpa NdFeB co-products (powder/swarf/blocks) over 40y life of project.
• That is 3x previously envisaged Texas production capacity (1,552tpa including 941tpa magnets and 611tpa co-products).
• PFS studies for sites in South Carolina and Nevada launched.
• PFS is expected to raise the share of higher value sintered block production.

Conclusion: HyProMag USA studies highlight strong upside potential to scaling production of REE recycling and magnet manufacturing facilities thanks to modular design of HPMS operations. PFS launched narrowing down design and economics of tripling production to ~4.7ktpa NdFeB products with concept studies pointing to an uplift in estimated NPV7s to the $1.1-2.2bn range (up from $0.4-0.8bn) based on market/forecast NdFeB prices.

*SP Angel acts as nomad and broker to Mkango Resources

Lucara Diamonds (LUC CN) C$0.22, Mkt Cap C$98m – C$70m placing from Lundin Family to advance Karowe Underground Project

• Lucara will issue 437.5m shares at C$0.16/share for gross proceeds of C$70m via private placement.
• The Lundin Family will subscribe for C$70m in the private placement.
• Proceeds will be used to advance the Karowe Underground Project, with funds going towards shaft equipping, conveyance commissioning and lateral development.
• Lucara has guided for the underground project to begin production 1H28, with CAPEX requirements guided at $312m as of January 1st 2026.
• Remaining CAPEX will be funded by a combination of this equity raise, operating cash flow and new debt.
• The underground project is expected to 3x throughput of ‘high value ore’ vs the open pit.
• $467m has been spent in CAPEX as of December 2025.
• First ore is due 4Q26.

Sandfire Resources (SFR AU) A$18.8, Mkt Cap A$8.7bn – Production results as MATSA improves on higher grade ore

• Sandfire reports copper equivalent production of 36.6kt over the December quarter, up 3% qoq.
• MATSA production hit 24.5kt CuEq, up 12%qoq, whilst Motheo production fell 11%qoq to 12.1kt CuEq.
• Higher production from MATSA reflects higher grade polymetallic ore and improved flotation recoveries.
• Motheo production was hit by a disruption to the SAG mill, mobile fleet availability issues and a delayed transition to higher grade ore at T3.
• Net cash rose to A$13m, vs net debt of $62m in the September quarter and A$288m same period last year.
• Free cash flow is expected to be focused on funding the Kalkaroo Copper-Gold Project with JV partner Havilah in South Australia.

Savannah Resources* (SAV LN) 4.7p, Mkt Cap £120m – Approval of up to €110m government grant

BUY – 18.5p

• The Company secured a government grant up to ~€110m from the Portuguese State for development of the Barroso Lithium Project.
• The grant programme allows the Company to cover 35% of total amount of eligible expenses with Savannah able to secure up to a maximum of €110m (~$128m).
• The grant is non dilutive, non reimbursable and is comprised of two parts including:
  • 75% (~$96m) directed towards project capex;
  • 25% (~$32m) linked to performance milestones during the operation phase between 2031-2042.
• The grant is provided under the investment agreement with the Portuguese Trade & Investment Agency (AICEP) aimed at large investment projects fundamental to the transition towards a carbon neutral economy and in strategic sectors for the transition to a net zero economy.
• The grant is conditional on meeting contractual conditions.
• The Company reports that should Savannah and the Portuguese State not comply with the conditions precedent before the end of the year, the contract would be void.

Conclusion: The grant of up to €110m for the Barroso Lithium Project validates the strategic status of the largest spodumene deposit in Europe while government support in the form of a non dilutive capital contribution significantly reduces permitting and financing risks.

*SP Angel acts as Nomad and Broker to Savannah Resources

Unity Metals (UM1 AU) A$0.2, Mkt cap A$29m – Unity Metals lists on the ASX today

• An Asian focussed exploration company, Unity Metals, has made its ASX debut.
• Unity Metals is exploring in Cambodia and Thailand with a focus on porphyry copper/gold and on intrusion related gold targets.
• The company has raised ~A$8.7m by the issuing of “43,314,908 shares at an issue price of $0.20 per share”.
• According to the company’s prospectus, which was issued in November, the Ngot and O’Phlay projects are in the same area of Cambodia as ASX-listed Emerald Resources’ 100koz pa Okvau gold mine, described as Cambodia’s “first commercial gold mine” which was commissioned in mid-2021 and is producing “at an AISC … [all-in-sustaining-cost] … of between US$740 – US$810/oz”.
• “Mineralisation within Ngot is similar to the intrusion-related gold (IRG) style of mineralisation at the Okvau Gold Mine” which hosts an “Indicated & Inferred Mineral Resource of 17.7Mt @ 2.0g/t gold for 1.1Moz of gold”.
• At O’Phlay, the company’s website reports “Broad zones (up to 40m wide) of sheeted & stockwork quartz + arsenopyrite vein mineralisation hosted in granodiorite & hornfels… [with rock chip samples assaying] … up to 37.1g/t, 27.5g/t gold, 24.3g/t gold … [and three] … major gold-in-soil anomalies in historical mining areas”.
• Also in Cambodia, the company holds an 85% interest in undrilled the Ta Vaeng copper/gold porphyry project containing a “7km x 5km vegetation anomaly believed to be due to hydrothermal alteration above …  [an] … intrusive system”.
• The Loei porphyry copper/gold project in northern Thailand surrounds the “PUT 1 copper-gold deposit. PUT 1 is … [described as] … the largest copper deposit in Thailand (Measured, Indicated & Inferred Mineral Resource of 183.0Mt @ 0.50% copper & 0.13g/t gold for 913Kt copper & 771Koz gold)”.

Conclusion: The ASX listing provides a platform for Unity Metals’ continuing exploration in Cambodia and Thailand

* An SP Angel analyst holds shares in Unity Metals

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, 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.