SP Angel . Morning View . Monday 23.03.26

MiFID II exempt information – see disclaimer below

Aterian plc* (ATN LN) – Rwanda business starts trading tantalum under strategic jv with Wogen

Caledonia Mining (CMCL LN) – Strong 2026 financial performance from the Blanket mine sets the scene as work on the second Zimbabwean mine at Bilboes accelerates

Empire Metals* (EEE LN)  – 2025 results following watershed year for Pitfield titanium project

Great Southern Copper (GSCU LN)  – Scout drilling continues to expand the mineralised footprint at Cerro Negro, Chile

Hamak Strategy* (HAMA LN)  – Drilling contract to upgrade Akoko oxide gold project in Ghana

Lindian Resources (LIN AU) – Kangnankude accomodation camp opened up

Metals One (MET1 LN)  – South African investments in gold mining and a cogeneration plant

Perseus Mining (PRU AU) – Strategic investment into Aurum Resources

Savannah Resources* (SAV LN)  – BUY, 18.5p – Barroso DFS and RECAPE targeted for July 2026

Strategic Minerals* (SML LN)  – Timetable for Redmoor MRE and Economics

Tolu Minerals (TOK AU) – A$24m Investment from Indonesian mining groups

Gold ($4,258/oz) slumps as global bond market slumps on renewed inflation concerns from energy costs

• Gold fell 5.5% overnight and is now down ytd following a 19% slump since the beginning of the war in Iran.
• Gold has been the primary victim of liquidity needs as investors take profits in the metal following its 75% rally through 2025.
• This has been exacerbated by soaring global government bond yields, as markets begin to price in rate hikes across major central banks.
• US 10-year treasury yields have climbed over 4.4% this morning, having been as low as 3.94% in February.
• Whilst the dollar hasn’t broken out over the 100 level on the index, it is strengthening against a basket of major currencies.
• There has been some suggestion that central banks are cutting their gold holdings to fund increased energy and fuel cost requirements.
• Whilst there is no evidence of this yet, it would not surprise us given the liquid nature of global gold markets and some major restocking of bullion reserves over the past two years.
• Silver is down 8% this morning and has nearly halved since the January spike, remains up 88% over the past 12 months.
• Trump heightened tension in Iran over the weekend, calling for a two day deadline to reopen the Strait of Hormuz, with Iran countering with threats over US infrastructure.

Conclusion: Zooming out, we note gold fell 20% in the wake of the Russia-Ukraine war, before rallying strongly from $1,650/oz lows. Whilst rising yields seem to be compounding the wave of profit taking in gold, the bigger picture remains intact: ballooning G7 budget deficits, sticky inflation and central bank foreign reserve diversification amid sustained deglobalisation. We see Trump and Netanyahu’s conduct in the Middle East as compounding these key themes, likely to provide a longer term tailwind to gold prices once liquidity stresses cool.

Copper ($11,831/t) edges lower on wider economic growth concerns

• Copper prices are holding firmer than the precious metals complex, although continue to edge lower.
• The metal has weakened alongside the wider base metals space, as high energy costs feed fears of a global growth slowdown.
• Base metals are also a victim of wider fund selling following a strong 2025, compounded by a stronger dollar.
• However, the supply picture remains constrained over the longer term, with limited large-scale development opportunities in copper and continued grade decline and supply disruptions.

Tungsten hits $2,500-2,899/mtu

• The price is for APT 88.5% WO3 min cif Rotterdam and Baltimore duty-free (Fastmarkets)
• Tungsten prices are $2,310-2,315/mtu FOB China and $2,160-2,170/mtu (Asianmetal.com).

Nickel – China to open the SHFE Nickel futures market to international participants from 21st April

• The opening of the SHFE futures contracts for overseas trading is a first for the SHFE metal futures.
• The move marks a further advance in internationalising Chinese markets and the expansion of trading in the Yuan.

How the Iran conflict is reshaping global commodity markets - IG TV: https://youtu.be/oE6-k3hQDsM?si=sXBMY_UOZpvMP8EA

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Currencies

US$1.1544/eur vs 1.1577/eur previous. Yen 159.45/$ vs 158.38/$. SAr 17.192/$ vs 16.769/$. $1.333/gbp vs $1.343/gbp. 0.697/aud vs 0.709/aud

CNY 6.906/$ vs 6.883/$. Dollar Index 99.79 vs 99.29 previous

Economics

US – President Trump threatened to strike Iran’s power plants if Tehran down not reopen the Strait of Hormuz within 48h.

• Tehran said it would respond to any such strikes hitting regional civilian infrastructure including energy facilities and water desalination plants.
• Deadline expires Monday evening (2345 GMT).
• Separately, a number of reports emerge that the US may be sending troops in the region to get control of the Kharg Island in a bid to cut Iranian government of oil exports revenues.
• Markets are repricing benchmark rates outlook with a Fed rate cut gone for this year, the ECB and BOE now expected to hike nearly three times amid renewed energy driven hike in inflation forecasts.
• Shorter term rates in the US are up with 2y at nearly 4%, the highest since 1Q25.
• VIX jumped to over 30.
• Brent is rising on course to $110/bbl, up nearly 50% since the start of the war.
• US$ index is up 0.35% at nearly 100.

US A-10 Warthogs target Iranian fast-attack craft in Strait of Hormuz

• U.S. Air Force A-10 Thunderbolt II attack aircraft are targeting IRGC fast-attack craft in the Strait of Hormuz.
• The A-10 Thunderbolt II can loiter for hours flying low and slow to protect shipping and take out fast-attack craft.
• The Warthog has a titanium-armored cockpit often referred to as a “titanium bathtub,” and redundant flight systems allow it to absorb significant punishment and continue flying under conditions that would ground less hardened aircraft (AirForceTimes).

Asian equities extend losses on disruptions of energy deliveries and higher rates outlook

• Nikkei is down 3.5% extending losses for March to over 12%.
• South Korea’s KOSPI is off 6.5% making for a 13% drop for the month.

UAE – missile reported to explode near a commercial vessel 15nm north of Sharjah

Ukraine deploys drone defense units to 5 Middle East countries to intercept drones

• Kyiv is looking for funds and technology in return.

Iran –reported to be charging $2m per tanker to pass through the Strait of Hormuz

• The $2m charge is reported to be for VLCC (2mbbls oil).
• Suezmax tankers may cost $1m (1mbbls of oil).

Precious metals:

Gold US$4,221/oz vs US$4,705/oz previous

   Gold ETFs 98.6moz vs 98.9moz previous

Platinum US$1,806/oz vs US$2,002/oz previous

Palladium US$1,387/oz vs US$1,488/oz previous

Silver US$64.8/oz vs US$73.2/oz previous

   Silver ETFs 797.8moz vs 802.0moz previous

Rhodium US$11,000/oz vs US$11,300/oz previous

Base metals:   

Copper US$11,793/t vs US$12,231/t previous

Aluminium US$3,192/t vs US$3,292/t previous

Nickel US$16,820/t vs US$17,035/t previous

Zinc US$3,061/t vs US$3,097/t previous

Lead US$1,879/t vs US$1,898/t previous

Tin US$41,750/t vs US$43,300/t previous

Energy:

Oil US$113.7/bbl vs US$107.8/bbl previous

• Crude prices climbed higher over the weekend after US President Trump issued a 48-hour ultimatum to Iran to reopen the Strait of Hormuz or face military strikes on its power infrastructure, with Iran threatening comparable retaliation.
• The US Baker Hughes rig count fell 1 to 552 units last week (-41 or -7% y/y), as oil rigs climbed 2 to 414 units (-72 y/y) and gas rigs fell 2 to 131 units (+29 y/y), with North Dakota gaining 3 rigs w/w to 27 units (-5 y/y).

Natural Gas €62.1/MWh vs €61.7/MWh previous

Uranium Futures $83.5/lb vs $84.3/lb previous

Bulk:   

Iron Ore 62% Fe Spot (Singapore) US$108.4/t vs US$108.3/t

Chinese steel rebar 25mm US$464.8/t vs US$466.2/t

HCC FOB Australia US$222.0/t vs US$221.5/t

Thermal coal swap Australia FOB US$143.0/t vs US$142.5/t

Other:  

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

NdPr Rare Earth Oxide (China) US$101,728/t vs US$100,979/t

Lithium carbonate 99% (China) US$20,346/t vs US$20,850/t

China Spodumene Li2O 6%min CIF US$1,985/t vs US$2,015/t

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

China Tungsten APT 88.5% FOB US$2,313/mtu vs US$2,313/mtu

China Tantalum Concentrate 30% CIF US$258/lb vs US$252/mtu

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

Europe Vanadium Pentoxide 98% US$5.8/lb vs US$5.8/lb

Europe Ferro-Vanadium 80% US$29.1/kg vs US$29.1/kg

China Ilmenite Concentrate TiO2 US$257/t vs US$258/t

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

China Rutile Concentrate 95% TiO2 US$1,137/t vs US$1,141/t

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

Brazil Potash CFR Granular Spot US$382.5/t vs US$380.0/t

Germanium China 99.99% US$3,075.0/kg vs US$3,075.0/kg

China Gallium 99.99% US$400.0/kg vs US$400.0/kg

EV & battery news

Demand for petrol cars stalls EV plans for carmakers

• At least 12 global automakers are scaling back EV plans as demand for petrol vehicle continues and the weakening of global incentives and policies.
  • Mercedes-Benz, who were planning to be 100% electric by 2030, now expects to be closer to 50% electric and will continue producing ICE vehicles well into the 2030s.
• Ford expects to take a $19.5bn hit, including $8.5bn in cancelling the production of electric models, with the company shift its focus back to ICE and hybrid vehicles.
• Stellantis are implementing a strategic reset of its EV plans, including a $26.5bn write-down in early 2026. The company has also sold its stake in its Canadian battery venture NextStar Energy.
• Volvo has abandoned its target to sell only EVs by 2030, but is still targeting over 90%, with mild hybrids making up the rest of production.
• Honda recently abandoned its plan to stop making combustion engine cars by 2040 and forecast $16bn in losses over the next two years from its EV strategy overhaul.
• Bentley said last year that it would continue selling plug-in hybrids beyond 2035, ditching its EV-only target.
• Lotus, Audi, Porsche have already scaled back plans to go fully or 80% electric over the next decade, with many choosing to extend the availability of plug-in hybrid cars in their line-ups
• Since Donald Trump came to power, the US president's administration has ended federal tax credits for people buying EVs, cut spending on charging infrastructure and watered down vehicle emission targets.
• The EU has also weakened its emission targets.
• According to Financial Times calculations, changes to EV strategies, including cancelled car launches and investment plans, have cost the global car industry at least $75bn in the past year.

Company News:

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Aterian plc* (ATN LN) 22p, Mkt Cap £3.7m – Rwanda business starts trading tantalum under strategic jv with Wogen

(Rwanda: Aterian holds an effective 100% stake in the Musasa Mining Licenses plus a 70% interest in Kinunga Mining Limited which holds the HCK licence alongside HCK Mining Company Limited which has a 30% interest.) (Botswana: Aterian also holds a 90% in Atlantis Metals which holds its licenses in Botswana). (Morocco: Aterian holds 100% on all licenses held in Morocco)

• Aterian plc reports that it’s Rwandan subsidiary, Eastinco has started trading and exports under new terms of its strategic jv with Wogen.
• Wogen is a London-based metals trader specialising in specialist and high-value raw materials to the non-ferrous industry.
  • “Importantly, Eastinco has completed its first export operation with Wogen and is currently aggregating additional supply for export under the JV framework, demonstrating both the effectiveness of the revised structure and the ability of the partners to move swiftly from agreement to execution.“
• The new jv agreement enables:
  • Improved working capital model, reducing the need for equity funding to support trading growth.
  • Same-day purchase liquidity, enhancing procurement capability.
  • Institutional-grade risk management and governance framework.
  • Mutual unwavering commitment to internationally recognised traceability and responsible sourcing standards.
  • Premium market positioning through responsible sourcing and compliance.
• Aterian’s Eastinco subsidiary provides: origination, processing, compliance and logistics
• Wogen provides: funding, offtake and logistics
• Tantalum:
• Prices for tantalum ore risen to new highs at ~US$255-260/lb vs US$95/lb for 30%min cif concentrates in December and $120/lb in early February.
• Strong demand for advanced electronics and high-performance manufacturing such as coatings for turbine blades is driving demand
• Supply has been disrupted in the DRC and Rwanda with a massive landslide at the Rubaya columbite-tantalite mine in the DRC tightening supply.
• The Eastern DRC supplies >50% of global tantalum concentrates.
• Strong demand for tantalum-polymer capacitors for AI data servers and cloud datacentres with AI servers demanding better performance from higher-power capacitors.
• Low inventories at smelters have exacerbated the supply / demand shock enabling capacitor manufacturers to ramp up prices on the back of higher raw-material costs.

Conclusion: The jv should enable Aterian to accelerate the scale up its tantalum trading while capturing downstream trading margins in accordance with international standards on traceability.

*SP Angel acts as Broker to Aterian Plc

Caledonia Mining (CMCL LN) 1,600p, Mkt Cap £317m – Strong 2026 financial performance from the Blanket mine sets the scene as work on the second Zimbabwean mine at Bilboes accelerates

• Reporting what it describes as a “a year of strong revenue, profit and cash generation” Caledonia Mining reports after tax profit of US$67.5m (2024 – US$23.1m) and EBITDA of US$125.3m (2024 – US$59.7m).
• Year-end net cash, including bullion, gold receivables and US$5m of fixed term deposits amounts to US$46.9m,
• The results reflect the production of 76,213oz of gold from the Blanket mine in Zimbabwe, in line with the increased guidance range, announced in July, of 75,500-79,500oz.
• Gold sales of 79,075oz (2024 – 99,917oz) benefitted from a 44% increase in received gold prices to US$3,383/oz to increase revenue to US$267.7m (2024 – US$183.0m).
• Unit costs, on an all-in-sustaining basis, rose by ~30% to US$1,952/oz sold (2024 – US$1,506/oz).
• Commenting on the results, CEO, Mark Learmonth, said that drilling results at Blanket “are highly encouraging and reinforce our confidence in the long-term future of the operation”.
• He also confirmed that the positive outcome to the feasibility study for the Bilboes project showed “an attractive and robust project that has the potential to materially change our production and profit profile and at the same time provide meaningful contributions to Zimbabwe”.
• Bilboes is expected to produce “approximately 200,000 oz of gold in its first full year of production, with first production anticipated in late 2028”.  Peak funding of US$484m expected to deliver an after-tax NPV8%(Real) of US$582m and an IRR of 32.5% with a payback of 1.7years based on a consensus gold price of US$2,548/oz.
• Mr. Learmonth also explained that the Motapa project, adjacent to Bilboes, “forms an important part of our strategy to build a broader production and growth platform in Zimbabwe”.
• Production guidance for the 2026 output of the Blanket mine is in the range 72-76,500oz “with the quarterly production profile anticipated to be stronger in the second half of the year as higher-grade areas increasingly come on stream”.

Conclusion: Achieving its uprated 2025 production guidance in a strong gold price context helped Caledonia Mining deliver an ~190% rise in after tax profit and more than double EBITDA in 2025.  2026 production guidance for the Blanket mine anticipates similar gold output in 2026 as Caledonia Mining progresses the Bilboes project towards initial production in 2028.

Empire Metals* (EEE LN) 29.5p, Mkt Cap £203m – 2025 results following watershed year for Pitfield titanium project

• Empire Metals reports full year results for 2025.
• 2025 marked a successful year for Empire, with the deliver it the maiden JORC MRE for Pitfield with 2.2bn at 5.1% TiO2.
• Metallurgical testwork has also progressed, with the delivery of a >99% TiO2 product via beneficiation, leaching and refining.
• Administrative expenses reported at £3.5m over the year
• Empire held £8.4m in cash at March 20th, having raised £7m in October.
• Management notes sustained demand forecasts for titanium at 3.7% CAGR, with supply concentrated and processing capacity dominated by China, highlighting the strategic importance of a Western long-life asset in a Tier One mining jurisdiction.
• Going forward, Empire is focused on derisking Pitfield towards Scoping Study via drilling, engineering studies, metallurgical/flowsheet optimisation and mining studies.

*SP Angel acts as Nomad and Broker to Empire Metals

Great Southern Copper (GSCU LN) 2.45p, Mkt Cap £18m – Scout drilling continues to expand the mineralised footprint at Cerro Negro, Chile

• Great Southern Copper reports that the latest scout-drilling results from its Phase III drilling at the Cerro Negro prospect in the Especularita project area in Chile has further extended the known mineralisation to a strike length of 1.5km south of the old Mostaza mine and remaining 26open in that direction.
• Earlier this month, the company said that drilling had shown the ‘Lens 2’ mineralisation extending ~400m south of the mine.
• Today’s announcement describes the scout drilling identifying 3 additional mineralised zones:
  • Silver/lead/zinc zones at depth where hole RC-041 intersected 26m at an average grade of 62.8g/t silver, 0.43% zinc and 0.19% lead associated with induced polarisation (IP) chargeability anomalies at a depth of 200m; and
  • Near surface silver/lead mineralisation within the upper, leached part of the system where hole RC-040 intersected 16m at an average grade of 32.9g/t silver and 0.19% lead from a depth of 24m including 8m averaging 56.2g/t silver and 0.24% lead from 26m depth; and
  • A newly identified copper/silver zone in the “hanging wall volcanics … [described as] … a high-priority near-surface target” where hole RC-048 intersected 6m at a grade of 0.72% copper and 78.27g/t silver from 24m depth.
• The announcement explains that there is “Strong correlation between mineralisation and IP chargeability anomalies, confirming effectiveness of geophysical targeting” and confirms that planning is “in progress for Phase IV resource and exploration drilling”.
• “Significant exploration targets at Monolith and southern Mostaza extension remain untested”.
• CEO, Sam Garrett, said that “These important scout RC drill results have been highly successful in demonstrating that high-grade silver-base metal mineralisation extends at least 1.5 kilometres south of the Mostaza mine consistent with surface geology and geochemistry anomalies as well as IP chargeability anomalies along the Mostaza Fault Zone”
• He also confirmed that “These anomalies extend a further 1km to the south and remain untested by drilling emphasising the increasing scale potential of the Cerro Negro system”.
• Describing the significance of the scout drilling the announcement explains that “The metal zonation observed between lenses suggests a complex and evolving mineralising system, with distinct lenses characterised by variable sulphide assemblages ranging from high-grade Cu-Ag through to Pb-Zn dominant and mixed Pb-Zn-Cu-Ag mineralisation. This variability, both between and potentially within lenses, is potentially indicative of a large and dynamic hydrothermal system”.

Conclusion: As planning for a fourth phase of drilling at Cerro Negro advances, recent scout drilling has identified additional mineralised zones and extended the known mineralisation over 1.5km to the south of the Mostaza mine showing it remaining ‘open’ further south. Planning for a fourth phase of drilling is underway.

Hamak Strategy* (HAMA LN) 0.8p, Mkt Cap £3.8m – Drilling contract to upgrade Akoko oxide gold project in Ghana

• Hamak Strategy report the signing of a contract for an initial 4,125m of RC drilling on the Akoko oxide gold project in Ghana.
• Drilling will target the top 80m of the Akoko gold deposit which hosts a non-JORC resource estimate of 250,000oz gold.
• Management have submitted permit applications for drilling.
• PEA planned for an open pit gold mine at Akoko
• The results of the drilling, new resource estimation and PEA will advise Hamak on the exercise of its option to acquire Akoko for
• US$1.9m in cash and £1m in Hamak shares.
• This should equate to ~US$10/oz on a 250,000oz existing resource but will reduce on the discovery of further ounces.
• Hamak has appointed a senior Ghanaian finance and administration consultant, as well as a team of experienced Ghanian and West African geologists led by Rowan Carr, Hamak's Operations Manager who has over 35 years' experience in the African resource sector.
• Existing Mining financial model and key assumptions on Akoko from the vendor CAA Mining:
  • $50m - initial capex
  • 550,000tpa annual throughput
  • Grade 1.7g/t
  • 85% gold recovery
  • 179,000oz total life of mine gold production
  • AISC Costs $949/oz
  • US$3,500 gold price

Note these are historic estimates and we expect the capex and operating costs to increase.

Conclusion: It is good to see the Hamak team initiate the plan to drill Akoko. We expect future exploration to expand the project and to add further value to the Akoko resource.

​*The SP Angel analyst holds shares in CAA Mining

Lindian Resources (LIN AU) A$0.67, Mkt Cap A$1.1bn – Kangnankude accomodation camp opened up

• The Company updates on development works at the Kangankunde Rare Earth Project in Malawi.
• The team opened the Tipume permanent accommodation camp.
• A total of 65 accommodation units are now complete and operational.
• Construction personnel of the contracted EPC form, Obsideo, is arriving at site as process plant construction ramps up.
• Maiden production reiterated for 4Q26.
• Kangankunde Phase 1 envisages a 450ktpa open pit operation producing ~15ktpa monazite concentrate (55% TREO) over 45y LOM.
• Lindian has an offtake for its concentrate with Iluka in 2025 for feeding the concentrate into the Eneabba REE refinery in Australia (WA).

Metals One (MET1 LN) 1.55p, Mkt Cap £18m – South African investments in gold mining and a cogeneration plant

• Metals One confirms plans for a 30% holding in Lions Bay Resources (LBR) via conversion of US$1.8m of convertible notes.
• LBR aims to acquire the “assets of Vantage Goldfields from Business Rescue” comprising “mining leases in the Barberton region … [in South Africa] … with a historical resource inventory of 4.5 million ounces of gold, a central metallurgical complex and extensive underground development”.
• Vantage Goldfields “was placed in Business Rescue following a crown pillar collapse at the Lily mine in 2016 and comprises numerous mining leases in the Barberton region of South Africa with a historical resource inventory of 4.5 million ounces of gold, a central metallurgical complex and extensive underground development”.
• Typically, the collapse of a crown pillar is a serious accident in an underground mine which can render part of the underground workings and associated mineral resources difficult to access or, in extreme cases, inaccessible.
• “LBR is a South African private company formed last year to create a vertically integrated South African gold business. It is currently jointly owned by Lions Bay Capital Inc. ("LBI") (TSX-V: LBI), (Metals One: 19.1%) and the Salamander Mining management team ("Salamander") headed by Graham Briggs (Non-Executive Chairman), the former CEO of Harmony Gold, South Africa's largest gold producer and Lloyd Birrell (CEO), the founder and former CEO of Theta Gold (ASX:TGM)” this specialist team should have the expertise to address what may be a technically complex mining challenge.
• Today’s announcement also confirms that “Metals One is increasing its secured loan facility to Lions Bay Capital Inc. from C$4.0m to C$10.0m to be applied by LBI, amongst other things, towards LBR's Vantage acquisition plan”.
• As well as the Vantage Goldfields assets, Metals One confirms “the US$1.36 million acquisition of a cogeneration plant located in the Karbochem Industrial Park, Newcastle, South Africa” by subscribing for “up to US$1.8 million of convertible loan notes”.
• Managing Director, Daniel Maling, said that “We believe these assets will be potentially transformational for LBR, and to Metals One as a 30% owner”.

Perseus Mining (PRU AU) A$4.56, Mkt Cap A$6.2bn – Strategic investment into Aurum Resources

• African gold producer Perseus has announced a strategic investment in Aurum Resources.
• The Company has acquired a 9.9% interest in Aurum via a private placement of A$23.7m at 60c/share.
• Aurum’s MD Dr Caigen Want has also subscribed for A$840k as part of the placing, alongside existing shareholders.
• Aurum state funds will be used for a 130,000m drilling programme over 2026 to advance Boundiali to DFS in 4Q26.
• The Boundiali Project holds an MRE of 100mt at 1g/t Au for 3moz.
• Perseus notes the Project lies along strike from their Sissingué gold mine, noting ‘potential future synergies.’
• Montage Gold recently sold out of Aurum following a 2025 strategic investment.

Savannah Resources* (SAV LN) 4.5p, Mkt Cap £116 – Barroso DFS and RECAPE targeted for July 2026

BUY – 18.5p

• The Company updates on the development timeline at the Barroso Lithium Project in Portugal.
• The DFS and RECAPE submission are guided to be completed July 2026 (from 1H26)
• Final environmental permits are expected to be secured 3Q26.
• FID before YE26.
• Maiden production reiterated for 2028.
• The Company continues discussions with government agencies regarding the temporary land access for further geotechnical and resource fieldwork.
• Approvals are expected in the near term.
• Given delays in securing permits to complete the fieldwork and following advice with technical consultants, the Company decided to complete the DFS and RECAPE without further data collection.
• Additional data from the fieldwork to be completed once access is granted will be used to update subsequent engineering studies and final designs.
• FEED tendering commenced with the engineering firm to be selected in coming weeks.

Conclusion: DFS completion and RECAPE submission slightly adjusted to July 2026 (from 1H26) as the team aims to maintain project development momentum amid a strong lithium market backdrop. Additional geotechnical and resource data was decided to be incorporated in later engineering studies as temporary land access process remains ongoing. With the DFS progressing using the existing technical dataset and FEED tendering already underway, the focus now turns to advancing engineering and permitting ahead of FID before.

*SP Angel acts as Nomad and Broker to Savannah Resources

Strategic Minerals* (SML LN) 6.25p, Mkt Cap £146m – Timetable for Redmoor MRE and Economics

• Strategic Minerals reports its intention to release the updated mineral resources estimate (MRE) and economic sensitivity analysis on its Redmoor tungsten/tin/copper project in Cornwall on Thursday this week.
• The company will also host a webinar on Thursday to describe the results; interested parties are able to register to participate via: https://www.investormeetcompany.com/strategic-minerals-plc/register-investor.
• The new mineral resource estimate will incorporate additional information from the 2025 drilling, the relogging of historic material and the incorporation of recently validated drilling from the 1980s while the “Economic Sensitivity Analysis will update the outputs from the 2020 Redmoor Scoping Study using the updated MRE, metallurgical testwork results, and other updates, and incorporating new metal price assumptions”.
• Dennis Rowland, Managing Director of the operating company, Cornwall Resources, said that the company welcomed the “opportunity to present these results to shareholders and answer any questions … [while Mark Burnett, Executive Director of Strategic Minerals praised] … The CRL team's ability to stick to schedule and produce all programme outputs within the 12-months schedule … [a performance which he described as] … exemplary”.
• Last week, the company released results of metallurgical work showing improved recovery rates for tungsten, described as “the primary economic driver of the project” which in combination with prices which are considerably above those used in the October 2020 updated scoping study, should benefit the project economics.
• Also last week, the company reported the arrival on site of the first of the drilling rigs for the 2026 drilling campaign.
• The current, 2019, ‘Inferred’ resource at Redmoor is 11.7mt at 1.17% SnEq (0.56% WO₃, 0.16% Sn, 0.50% Cu) and we look forward to the publication of the new estimate and the economic analysis later this week.

Conclusion: The updated MRE and economic sensitivities for the Redmoor project will be published on Thursday when the company will also host a webinar at 11:00am  to discuss the results and address questions.

*SP Angel acts as Nomad and broker to Strategic Minerals

Tolu Minerals (TOK AU) A$1.4, Mkt Cap A$363m –  A$24m Investment from Indonesian mining groups

• Tolu Minerals has agreed a A$23.75m financing facility from Petrindo and Petrosea at A$1.625/share.
• The two Indonesian listed entities have agreed a convertible note due to convert following a shareholder meeting by the end of May.
• Petrindo is a listed Indonesian vehicle conducting coal and gold mining across Indonesia.
• Petrosea conducts mining and oil and gas services in Southeast Asia.
• The funds will be used to advance Tolukama with:
  • Roadway access expansion and improvement
  • A crushing and batching plant and near-mine materials haulage
  • Development of laydown and development areas at the Tolukuma exploration licence
  • Other key infrastructure to support mining operations.
• Management notes Petrindo and Petrosea are focused on boosting their investment portfolio in Papua New Guinea.
• Tolu is aiming to resume mining operations in 1Q27.
• Tolukuma holds an MRE of 1.6mt at 10g/t Au and 38g/t Ag for 503koz and 1.9moz respectively.
• Tolu published an Exploration Target of 7.8-8.5mt at 8-11g/t Au with drilling ramping up through 2026.
• Tolu is aiming to publish an updated MRE by the end of 2Q26.

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

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.

DISCLAIMER

This note is a marketing communication and comprises non-independent research. This means it has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of its dissemination.

This note is intended only for distribution to Professional Clients and Eligible Counterparties as defined under the rules of the Financial Conduct Authority and is not directed at Retail Clients.

This note is confidential and is being supplied to you solely for your information and may not be reproduced, redistributed or passed on, directly or indirectly, to any other person or published in whole or in part, for any purpose.

This note has been issued by SP Angel Corporate Finance LLP (‘SPA’) to promote its investment services. Neither the information nor the opinions expressed herein constitutes, or is to be construed as, an offer or invitation or other solicitation or recommendation to buy or sell investments. The information contained herein is based on sources which we believe to be reliable, but we do not represent that it is wholly accurate or complete. All opinions and estimates included in this report are subject to change without notice. It is not investment advice and does not take into account the investment objectives and policies, financial position or portfolio composition of any recipient. SPA is not responsible for any errors or omissions or for the results obtained from the use of such information. Where the subject of the research is a client company of SPA we may have shown a draft of the research (or parts of it) to the company prior to publication to check factual accuracy, soundness of assumptions etc.

Distribution of this note does not imply distribution of future notes covering the same issuers, companies or subject matter.

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.

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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.