SP Angel . Morning View . Monday 27.04.26

MiFID II exempt information – see disclaimer below

SP Angel - No.1 for Precious Metals: LSEG StarMine Award for Most Accurate Forecasting in Reuters Polls Q1 2026

Altair Minerals (ALR AU) – A$28m placement to Endeavour Mining to boost exploration at Greater Oko

Beowulf Mining* (BEM LN)  – Grafintec and NordicPipe Update

ECR Minerals (ECR LN)  – Progress on the Palaeogold acquisition

First Development Resources (FDR LN)  – Drilling approval for Lander West, NT

Power Metal Resources* (POW LN)  – Tati Gold drilling preparation underway

Serval Resources* (SRVL LN)  – First day of trading on AIM following successful equity placement

URU Metals* (URU LN)  – Good correlation seen in Spectrem electromagnetic and high-precision CG5 gravity surveys

Gold ($4,703/oz) holds steady as traders eye potential peace talks between US and Iran

• Gold has once again consolidated around $4,700/oz following a sell-off last week from recent highs of $4,880/oz.
• Silver is holding flat at $75/oz.
• The precious metals complex sold off after talks broke down between the US and Iran, with Trump withdrawing key officials from peace talks in Islamabad.
• Gold seems to be reacting positively to talks of peace, while selling off on reescalation of hostilities in the Persian Gulf.
• This may reflect investors longer-term concerns over elevated energy price implications on inflation.
• US Treasuries have weakened, with the US 10 year rising to 4.3% and holding amid concerns over sustained implications.

Iran - Talks with US being delayed with different reports referring to various status in discussions

• Tehran offered Washington to reopen the Strait of Hormuz and extend the ceasefire while delaying nuclear negotiations for a later stage (Axios).
• Trump is expected to hold a Situation Room meeting on Iran on Monday.
• Earlier US President said he was committed to holding the blockade of the Strait in place hoping to pressure Tehran to US terms of the deal over the next few weeks.
• "When you have vast amounts of oil pouring through your system ... if for any reason this line is closed because you can't put it into containers or ships ... what happens is that line explodes from within. ... They say they only have about three days before that happens," Trump said on Fox News on Sunday.
• The US wants Iran to suspend uranium enrichment for at least a decade and remove its enriched uranium from the country.
• Axios cites a source that suggested that Iran made it clear to mediators from Pakistan, Egypt, Turkey and Qatar over the weekend that there is currently no consensus within the Iranian leadership over US demands.

IG TV Gold report: https://youtu.be/PliTL-z0n54?si=HvvFdldYY7oHK7s7

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Currencies

US$1.1744/eur vs 1.1690/eur previous. Yen 159.20/$ vs 159.68/$. SAr 16.497/$ vs 16.602/$. $1.355/gbp vs $1.348/gbp. 0.718/aud vs 0.714/aud.

CNY 6.825/$ vs 6.350/$. Dollar Index 98.36 vs 98.80 previous.

Economics

US - Kevin Warsh Fed Chair confirmation expectedly following acceptance by Sen. Thom Tillis

• The decision follows the news that the Department of Justice dropped its investigation into Fed Powell last week.
• That was the key conditions from the Senator to support Warsh.
• "I have been clear from the start: the U.S. Attorney's Office criminal investigation into Chair Powell was a serious threat to the Fed's independence, and it needed to end before I could support Kevin Warsh's confirmation," Tillis said on Sunday.
• The Senate vote on the Warsh’s nomination is expected on Wednesday.
• Fed Chair Jerome Powell’s term expires on May 15 and Powell can choose to stay on the Fed Board through 2028.

China – Industrial profits came in strong YTD in March (+15.5%yoy), the fastest pace since September.

• Middle East war effects are likely yet to be reflected in the data.
• Cost inflation and pressures on overseas demand from higher energy prices are expected to weigh on Chinese exports and growth rates, unless, the conflict is fixed early.

Mali – Minister of defense killed in wave of terrorist attacks

• The Malian defence minister was killed by a suicide truck bomb on his residence near Bamako during a coordinated wave of jihadist and separatist attacks.
• FLA and JNIM forces launched a major offensive across cities in Mali in early hours on Saturday in a significant new alliance.
• General Assimi Goita, head of the military junta, was moved to a safe location after his house was targeted.
• Russian / Wagner mercenaries recently agreed to withdraw from Kidal, in the north, after two days of attacks by the separatist FLA ‘Azawad Liberation Front’.
• The FLA are looking to establish a separate Tuareg state in the north, JNIM, a jihadist group also staged a series of coordinated attacks across Mail.
• Listed gold miners in Mali

·         Barrick Gold: Loulo-Gounkoto gold mining complex

·         B2Gold Corp. Fekola gold mine.

·         Cora Gold: just funded by Eagle Eye Asset Holdings Pte. Ltd. to bring its Sanankoro Gold Project into production in Mali

·         Endeavour Mining: Kalana Gold Project. (80% owned)

·         Resolute Mining: Syama mine.

·         Toubani Resources: Kobada gold mine 162,000ozpa

Lithium Miners

• Ganfeng Lithium (China) - Goulamina Project
• Kodal Minerals (KOD LN) – Bougouni lithium mine

Conclusion: Mali based gold developers and producers are selling off including Resolute Mining (-13%), Toubani Resources (-16%) and Cora Gold (-19%).

There have always been insurgents in Northern Mali looking to create a separatist Tuareg state though the situation appears to be getting worse.

Barrick Gold only recently regained their Loulo-Gounkoto mine with the government pledging to return three tons of gold that had been seized.

We suspect the US military may have offered some assistance to get the assets back.

Ironically, the worse it gets, the more likely France, the US and possibly the UK might intervene.

Unlike Iran, this is a war that Western special forces can more easily subdue.

Ghana – Ghana government revokes Adamus Resources’ mining leases at Akango, Salman and Nkroful over illegal mining activities

• The Minister for Lands and Natural Resources in Ghana has decided to revoke Adamus’ Akango, Salman and Nkroful mining leases
• An investigation reveals Adamus has engaged in unauthorised and illegal mining activities in breach of Ghana’s Minerals and Mining Act, 2006 (Act 703).
• The Ministry assured that it will take steps to safeguard the lawful jobs and livelihoods of workers affected by the decision.
• The investigative report by the Minerals Commission established the following violations by Adamus Resources Limited:
• Adamus Resources Limited unlawfully sub-contracted mining operations on their concessions without obtaining the mandatory ministerial consent under section 14 of Act 703.
  • Mining activities were undertaken without approved mining operating plans or valid operating permits issued by the Chief Inspector of Mines as required under Regulation 8(1) of the Minerals and Mining (Health, Safety and Technical) Regulations, 2012 (LI 2182).
  • The company failed to obtain the requisite approvals from regulatory agencies, including the Environmental Protection Authority (EPA) in accordance with section 18 of Act 703.
  • Foreign nationals (Chinese) were unlawfully engaged in mining activities (“galamsey”) on the affected concessions in contravention of section 99(5)(a) and (b) of the Minerals and Mining (Amendment) Act, 2019 (Act 995).
  • Mining operations observed was substandard and was conducted outside designated mining areas and far from approved mine infrastructure.
  • The illegal activities resulted in significant environmental degradation, including land disturbance damage to ecosystems, posing risks to water bodies, public health, and community livelihoods..
• Nguvu Mining acquisitions and assets:
  • Adamus from Endeavour Mining in 2016
  • Segala Mining SA in Mali from Endeavour Mining in 2018.
  • 80% of Samira Hill SA, in Niger, a former SEMAFO mine from the government of Niger in 2019.
  • Northern Ashanti Mines Company Limited, (formerly Owere Mines, Ghana) in 2020.
  • Poura Resources Limited in Burkina Faso from Newmont, in 2021
  • According to the Nguvu website the group currently produces ~250,000ozpa
• Nguvu Mining’s ceo is Angel List who is renown in Ghanian mining circles

Precious metals:

Gold US$4,713/oz vs US$4,689/oz previous

   Gold ETFs 99.0moz vs 99.0moz previous

Platinum US$2,031/oz vs US$1,985/oz previous

Palladium US$1,495/oz vs US$1,475/oz previous

Silver US$75.6/oz vs US$74.5/oz previous

   Silver ETFs 793.6moz vs 799.8moz previous

Rhodium US$10,050/oz vs US$10,150/oz previous 

Base metals:   

Copper US$13,300/t vs US$13,259/t previous

Aluminium US$3,601/t vs US$3,615/t previous

Nickel US$19,405/t vs US$18,713/t previous

Zinc US$3,454/t vs US$3,462/t previous

Lead US$1,961/t vs US$1,968/t previous

Tin US$50,405/t vs US$50,510/t previous 

Energy:

Oil US$108.2/bbl vs US$106.9/bbl previous

Natural Gas €45.2/MWh vs €44.5/MWh previous

Uranium Futures $86.5/lb vs $86.8/lb previous 

Bulk:

Iron Ore 62% Fe Spot (Singapore) US$106.7/t vs US$106.7/t

Chinese steel rebar 25mm US$473.1/t vs US$471.5/t

HCC FOB Australia US$231.5/t vs US$230.5/t

Thermal coal swap Australia FOB US$130.0/t vs US$127.8/t 

Other:  

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

NdPr Rare Earth Oxide (China) US$113,693/t vs US$120,351/t

Lithium carbonate 99% (China) US$24,834/t vs US$24,143/t

China Spodumene Li2O 6%min CIF US$2,450/t vs US$2,390/t

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

China Tungsten APT 88.5% FOB US$2,393/mtu vs US$2,443/mtu

China Tantalum Concentrate 30% CIF US$203/lb vs US$213/mtu

China Graphite Flake -194 FOB US$420/t vs US$420/t

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

Europe Ferro-Vanadium 80% US$28.6/kg vs US$28.6/kg

China Ilmenite Concentrate TiO2 US$250/t vs US$249/t

US Titanium Dioxide TiO2 >98% US$2,799/t vs US$2,799/t

China Rutile Concentrate 95% TiO2 US$1,150/t vs US$1,149/t

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

Brazil Potash CFR Granular Spot US$405.0/t vs US$405.0/t

Germanium China 99.99% US$3,225.0/kg vs US$3,125.0/kg

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

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Altair Minerals (ALR AU) A$0.055, Mkt cap A$337m – A$28m placement to Endeavour Mining to boost exploration at Greater Oko

• Guyana gold explorer Altair has agreed a A$28.2m placement with Endeavour Mining at A$0.043/share.
• The placement represents a 40% premium to the 30-day VWAP of Altair.
• Endeavour will acquire a 9.9% stake following the placement in Altair.
• Funds will be used to increase its current maiden drill programme to 50,000m, with 25,000m of diamond drilling and 25,000m of RAB drilling.
• The Guiana Shield represents a key tenet of Endeavour’s growth strategy as they target greenfield discoveries with tier one asset potential.
• Endeavour and Altair will form a joint Technical Committee to support exploration efforts backed by Endeavour’s exploration experience.
• Altair’s Greater Oko is one of the largest consolidated gold exploration projects in Guyana.

Beowulf Mining* (BEM LN) 7p, Mkt Cap £4.5m – Grafintec and NordicPipe Update

• Beowulf provides an update on Grafintec and the Kallak pipeline development project.
• The Grafintec team has attended the Power Coast Summit, visited the Keltakall and hosted various meetings in Eastern Finland.
• The Power Coast Summit focuses on driving battery material technology and investment in the Kotka-Hamina region in Finland.
• The team also hosted several public meetings with local stakeholders.
• Grafintec also highlighted the Aitolampi preliminary technical study, based on production scenarios of 700ktpa, expected to produce 35.7ktpa of graphite concentrate at 95% TGC.
• The Aitolampi Project has the potential as an open pit operation using a simple flowsheet of crushing, grinding and flotation.
• Beowulf sees potential for Aitolampi’s mineralisation to be extended beyond the current conceptual open pit to extend mine life and support production expansion.
• Further metallurgical testwork is also being explored, alongside further engineering studies to refine concepts.
• Additional drilling will be required to derisk the project towards an MRE.
• Grafintec is exploring routes to integrate the GAMP project at the Keltakallio site, with Aitolampi acting as a source of feedstock for GAMP.
• Going forward, Grafintec will aim for resource definition at the Aitolampi and Rääpysjärvi, alongside flowsheet optimisation and initial costing exercises.
• Grafintec is looking to complete EIA studies for future submission of a mining permit application.
• Additionally, Beowulf reports the NordicPipe project will advance within the consortium, but has withdrawn from EIT funding given various additional administrative requirements and associated costs.

*SP Angel acts as Nomad and Broker to Beowulf Mining, An SP Angel analyst recently visited Kallak

ECR Minerals (ECR LN) 0.26p, Mkt Cap £8.6m – Progress on the Palaeogold acquisition.

• ECR Minerals reports that its proposed acquisition of Palaeogold in an all share transaction has now received a 94% level of acceptances.
• “As part of Completion, ECR, via Paleogold, will exercise Paleogold's Option to acquire 50% of Lucky Strike, the owner of the Maddens Flat Group of Mines”.
• The Madden’s Flat project consists of 6 historical mines where “there has been no systematic exploration programme” and ECR Minerals intends to spend A$1m on development.
• Elsewhere, the company is focussed on progressing its Raglan project, also in Queensland, where ECR’s team is “remobilising to site after a break over Easter to commence the ramp-up to increased-scale mining, with throughput expected to build progressively through Q2 2026”.
• At the nearby Blue Mountain project after completing wash plant trials in 2024 and 2025 ECR Minerals is “progressing towards securing a mining lease over the target areas”.
• Exploration is continuing at the Lolworth project with plans to undertake geophysical work as a prelude to drilling.
• In South Australia, the company expresses confidence that the Salt Bush project “has the potential to deliver over 10,000 ounces of gold from relatively near-surface mineralisation”.
• Additional exploration projects in Victoria and Western Australia progress with Chairman, , Nick Tulloch, commenting “2026 has already started strongly for ECR, and we believe the remainder of the year will be even more exciting as the Completion of the Paleogold Transactions brings multiple projects closer to production”.
• He described “Maddens, Raglan and Blue Mountain” as the priority projects.

First Development Resources (FDR LN) 2.45p, Mkt Cap £3.4m – Drilling approval for Lander West, NT

• First Development Resources reports that it has received approval for drilling at its Lander West gold target in the Northern Territory, Australia.
• Preparations for reverse circulation drilling are now underway
• CEO, Tristan Pottas, described the regulatory approval as “a significant step forward for the Company as we transition from target generation into drilling operations”.
• He described Lander West as “an important opportunity within our 100%-owned Selta Project”.

Conclusion: Approvals to drill NT gold target

Power Metal Resources* (POW LN) 13.5p, Mkt cap £15m – Tati Gold drilling preparation underway

• Power Metals have provided an update on their Tati Gold earn-in project.
• Tuscan Holding has the right to earn a 75% interest in POW’s Tati Gold Project in Botswana, with POW able to retain a free-carried 25% interest.
• Today, POW notes key permitting and access approvals have been received, enabling the start of on-site work.
• Work is set to begin quickly, with drill site investigation and preparations underway before a RAB drilling programme.
• Tuscan is funding all planned work.
• 600m of RAB drilling will be conducted to target down-dip mineralisation and support early mine planning.
• Preliminary metallurgical test work will also be completed.
• Alongside the RAB programme, high-resolution drone imagery will be collected to support environmental studies alongside mine planning.
• POW’s 100% interest will convert to 25% on completion of the feasibility study and financing of the processing plant and associated mine infrastructure.

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

Serval Resources* (Oscillate PLC) (SRVL LN) 25p, Mkt Cap £8.4m – First day of trading on AIM following successful equity placement

CLICK FOR PDF

• Serval Resources, the Namibian and Botswana focused copper explorer, has begun trading on AIM today.
• The Company raised £3m as part of the listing at a price of 22.5p/share.
• Through the acquisition of Kalahari Copper, Serval has acquired a large-scale exploration package across two tier one African mining jurisdictions.
• We published an initiation note on Serval in February, accessible via the link above.

Conclusion: The completion of the Kalahari Copper Acquisition, £2.9m placing and admission to AIM mark three fundamental milestones for Serval Resources. The Company has now established a strong foothold in two tier one African mining jurisdictions, with a large land package prospective for sedimentary copper-silver mineralisation. 2026 will see the Company build on work completed by the previous, undercapitalised owner of the licences, with a widespread sampling, mapping and geophysics programme either underway or planned in both countries. Scout drilling will target extensions of previously identified, high-grade copper-silver mineralisation in Namibia.

*SP Angel acts as Broker to Serval

URU Metals* (URU LN) 6.02p, Mkt cap £5.8m – Good correlation seen in Spectrem electromagnetic and high-precision CG5 gravity surveys

• URU Metals reports the completion of the ground-based gravity survey over Targets 1 and 2 at the Zeb Nickel Project in South Africa.
• The results show strong correlation with previously identified Spectrem airborne electromagnetic and magnetic anomalies.
• These highlight potential semi-massive nicel sulphide mineralisation while helping to better refine potential drill targets.
• The team used high-precision CG5 gravimeters on a 50x50m grid to enhance the airborne data for the correlation with the electromagnetic anomaly.
• Result suggest the presence of dense ultramafic rocks and/or sulphide accumulation zones.

*SP Angel acts as Nomad and Broker to URU Metals

SP Angel - No.1 for Precious Metals: LSEG StarMine Award for Most Accurate Forecasting in Reuters Polls Q1 2026

No.1 for Precious Metals: Q1 2026

No.1 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.

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